The Ministry of Trade, Industry and Energy stated today that South Korea will look to invest close to 14 trillion won which is over $11 billion dollars into new energy industries like solar power for 2017. This move was to make these new energy industry sectors the face of the countries efforts for new growth engines. These investments will not all be from the government, the investments will come from both public and private sectors. Compared to last year, the 14 trillion won will be 25% higher. Most of it coming from the private sector. This keeps in line with South Korean governments plan to invest over 42 trillion won in these industries by 2020. This should create over 30,000 new jobs in new energy sectors.
The investments will be key in helping businesses in new energy industries to expand their facilities. It is expected that close to 2,000 smart energy factories will be built in the next 10 years. These smart factories will be powered by solar energy and run with the latest high-end information technology which should improve productivity by 20%. This will also help commerical buildings that are equipped with 1,000 kW solar power generators, save on their utility bills. Hopefully with R&D going into solar energy, South Korea will finally be able to close down old coal-fired power plants which will reduce dust/coal emissions and improve the air quality in Korea.