SMR Trilateral Cooperation... Leading the Global Market with 'Korean Construction-US Technology-Japanese Parts'

South Korea, the United States, and Japan are joining forces to promote Small Modular Reactors (SMRs) as a next-generation power source, signing a Memorandum of Cooperation (MOC) in Ankara, Turkey. This trilateral effort aims to establish a foundation for energy security and nuclear export cooperation, particularly targeting the Indo-Pacific region.

SMRs, defined as next-generation small nuclear reactors with an output capacity of 300MW or less, are designed for easier construction and enhanced safety and economic efficiency compared to large-scale reactors. They are assembled on-site after key components are manufactured in factories. The global SMR market is already valued at approximately 10 trillion won and is expected to grow rapidly as commercial operations begin in the mid-2030s.

This trilateral cooperation is seen as a strategic move to counter the growing influence of China and Russia in the developing world's nuclear market. By pooling their resources, the three nations aim to share development risks, achieve economies of scale, stimulate private investment, streamline licensing processes, and optimize supply chains. The Ministry of Foreign Affairs and the U.S. Department of State highlighted these objectives.

Potential early adopters in the Indo-Pacific region include countries like India, Indonesia, Vietnam, and the Philippines. The collaboration leverages U.S. expertise in reactor design and diplomacy, South Korea's construction capabilities, and Japan's strengths in materials, components, and equipment. This 'one team' approach could expand the market beyond China and Russia, potentially reaching Europe and reducing reliance on existing dominant players.

While the U.S. is actively pursuing SMR development with relaxed regulations and a planned 2030 operational target for its first SMR in Wyoming, South Korea's progress has been slower. Its first SMR is slated for completion in 2035 in Gijang. The article expresses concern that fluctuating domestic nuclear policies could lead to missed opportunities in new industries and export markets.