Seoul, June 4: South Korea will invest 2.5 trillion won ($1.8 billion) in developing next-generation nuclear reactor technologies by 2034, the science ministry said on Tuesday.

The investment aims to foster private companies that can build next-generation nuclear reactors and commercialise the technology, according to the Ministry of Science and ICT. South Korea President Yoon Suk Yeol Says Country Will Push Space Project To Send Space Satellite Vehicle to Moon by 2032.

South Korea plans to secure key technologies for developing small modular nuclear reactors (SMRs) with the aim of entering the global SMR market in the 2030s. South Korea To Operate Strategic R&D Centres in US and Europe.

Seoul also plans to work to develop fourth-generation reactors, including the sodium-cooled fast reactor, high temperature gas-cooled reactor and molten-salt reactor, the ministry said, noting it will release a detailed roadmap for their development later this year.

(The above story first appeared on LatestLY on Jun 04, 2024 02:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).