British companies develop offshore wind farms in South Korea, and South Korean companies invest in the British economy.
Following South Korean President Yoon Suk Yeol’s state visit to the UK, the United Kingdom and South Korea are set to sign a partnership in clean energy and civil nuclear energy projects on Wednesday, the two countries announced in a joint statement. The partnership will advance business cooperation between British and South Korean companies, address trade barriers, and encourage mutual development of both energy sectors.
The partnership will build on the UK-South Korea Civil Nuclear Dialogue (PDF) and the previously agreed UK-South Korea Offshore Wind Memorandum of Understanding to accelerate offshore wind deployment, according to the statement. As part of the new clean energy cooperation, the British companies BP and Corio have submitted plans to develop wind energy projects in Korea for a total sum of $1.16 billion, Reuters reports, adding that the ventures will help the country reach climate targets and create jobs simultaneously. According to UK Energy Security Secretary Claire Coutinho, South Korean businesses will invest more than £10 billion into the UK economy in return, bringing jobs with it.
Photo: iStock/studiocasper
