President Yoon Suk Yeol enters an evening venue with South Korean nationals residing in the U.K. closely followed by first lady Kim Keon Hee at a hotel in London, Monday (local time). They are accompanied by two children dressed in hanbok, traditional Korean clothing. Joint Press Corps

Korea and the U.K. are expanding cooperation in the energy sector on the occasion of President Yoon Suk Yeol's state visit, as the two nations agreed on pursuing discussions regarding Seoul's participation in London's plans to construct a new nuclear power plant, as well as expanding collaboration in the carbon-free energy sector, according to the Ministry of Trade, Industry and Energy, Tuesday.

The president is on a four-day state visit to the U.K. at the invitation of King Charles III. Taking this invitation as an opportunity, the ministry said it will establish a Clean Energy Partnership with its counterpart the Department for Energy Security and Net Zero.

Through this partnership, both countries aim to enhance cooperation in the expansion of clean energy, including nuclear power, offshore wind power and hydrogen, as part of their efforts towards carbon neutrality.

Under the Clean Energy Partnership, the two countries will confirm their shared commitment to the carbon-free energy (CFE) initiative and expand cooperation in clean energy technologies. They will also establish an annual high-level dialogue channel to discuss these issues.

Additionally, the two governments, along with private-sector entities, are set to sign a total of nine memorandums of understanding (MOUs) in London, Wednesday. These MOUs include discussions on Korea's participation in the construction of new nuclear power plants planned by the U.K., as well as the establishment of a comprehensive cooperative relationship in various fields related to nuclear energy projects.

The U.K. aims to increase the proportion of nuclear power in its total electricity generation from 15 percent in 2020 to 25 percent by 2050. In line with this plan, it established Great British Nuclear, a publicly owned company, in July.

“The U.K. is a leading country in the nuclear power sector, as it constructed the world's first commercial nuclear power plant in 1956. The two countries will be able to create mutually beneficial collaborations as Korea has strengths in nuclear power plant construction and equipment manufacturing, while the U.K. has competitiveness in decommissioning nuclear facilities and nuclear fuel-related fields,” the energy ministry said.

The signing ceremony will be attended by Energy Minister Bang Moon-kyu and Claire Coutinho MP, the secretary of state for energy security and net zero, the energy ministry added.

“Through the MOUs, both countries designated the construction of new nuclear power plants as a key area of cooperation. They will support enhanced mutual cooperation between Korea Electric Power Corp. (KEPCO) and UK Atomic Energy Authority, and pursue detailed consultations on new nuclear power plant construction through dialogue,” the ministry said.

This agreement lays the foundations for resuming discussions on new nuclear power plants, which have been on hold for over four years since a failed bid on the Moorside nuclear power plant project in 2019.

Regarding carbon-free energy, both countries have also agreed to cooperate in the offshore wind power sector, in addition to establishing a cooperative relationship related to the entire lifecycle of nuclear power projects.

"The two countries will sign an MOU on offshore wind power cooperation, which includes expanding policy and expert exchanges. Through offshore wind power policy dialogue, they will explore and pursue areas of cooperation," the energy ministry said.

Accelerating AI, chip, space cooperation

In addition to energy collaboration, the two nations will host the Korea-UK Business Forum on Wednesday, co-hosted by the Federation of Korean Industries (FKI) and the UK's Department for Business and Trade. About 200 business leaders from both countries will attend and sign 31 MOUs in areas such as AI, advanced industries, construction and defense.

Korean companies, including Navien, Hyosung Heavy Industries and Hanwha Aerospace, are expected to sign contracts worth 270 billion won ($209 million) with British businesses during the forum.

From Korea, the forum will be attended by Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, Hanwha Group Vice Chairman Kim Dong-kwan and FKI Chairman Ryu Jin.

From the U.K., the forum will be attended by the lord mayor of London, secretary of state for Business and Trade, as well as the CEOs of companies such as Arm, Rolls-Royce, Standard Chartered, Ocado and Rio Tinto, the energy ministry said.

The Korean energy minister will also sign an MOU with Michelle Donelan, U.K. secretary of state for science, innovation and technology, in the field of semiconductors, expanding human resource development, R&D and supply chain cooperation.

The Ministry of Science and ICT plans to sign an MOU with the U.K. Department for Science, Innovation and Technology over space and digital cooperation on Wednesday.

Through this MOU, the two countries will accelerate cooperation in space exploration, space industry, space infrastructure, satellites, space policy, navigation and vision, networks, Earth observation, sustainability in the field of space and cooperation in bilateral and multilateral consultations.

Korea launched its first satellite, KITSAT-1, in 1992, jointly developed by researchers from here and the U.K.'s University of Surrey. Based on this history, the two countries expect that the signing of the MOU will lead to a strategic partnership.