Korea is showing continuous growth in Green Energy Technologies and strong opportunities are available for European companies with unique or leading products in this sector.
President Moon's government has recently announced plans to reallocate the current coal and nuclear energy subsidies into green and renewable energies, as well as impose high taxes on coal and nuclear power, increasing prospects for natural gas and renewable energy producers.
Renewable energy, currently less than 5% of total power generation, is planned to increase to 11.7% by 2029 (7th Basic Plan for Long-Term Electricity Supply and Demand, July 2015). In the short term, the new Korean Renewable Portfolio Standard (RPS) has obliged power generators to produce 7% of total electricity from renewable energy sources by 2020, from 4.0% in 2017. €1.5 billion was invested into the renewable energy sector in 2015. Forecasted public investment will reach €3.75 billion in 2017.
The EU Gateway | Business Avenues programme, financed by the European Union, helps European companies to enter and establish long-lasting business collaborations in this growing market.
Providing market briefings, individualised coaching, business matchmaking, exhibition days and business mission support, the programme gives participants the opportunity to showcase their products and meet a targeted audience of potential business partners.
The next business mission in the Green Energy Technologies sector will take up to 50 European companies to Seoul from 29 January to 2 February 2018, and it is already open for application.