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The Overseas Economic Research Institute of Korea Eximbank Forecasts Growth of 20% for the Renewable Energy Industry in 2010

Date 2010.06.08 View 30516
- On May 24th, the Overseas Economic Research Institute (keri.koreaexim.go.kr) of Korea Eximbank warned, "Driven by the economic recovery and policies to develop new growth engines by the US and China, the renewable energy sector is forecast to grow by more than 20% in 2010. Korean companies should make efforts as soon as possible to corner the market, especially in other countries."

- The institute recently released a report titled "Status of the Renewable Energy Industry in 2010 and Strategies for Overseas Expansion" in which the current conditions of the renewable energy sector including wind power, solar power, biofuels, etc. are analyzed and strategies for Korean companies to expand into foreign renewable energy markets are discussed.

- According to the report, major countries in regards to renewable energy, such as the US and China, invested $1,980 billion in development of green energy in 2009. This trend will continue in 2010 as these countries plan to dedicate a significant portion of economic stimulation funds to clean energy development. As such, the global solar power market is anticipated to grow by 38% and wind power by 25%.

- The report emphasized that for the continued growth and overseas expansion of the domestic renewable energy industry, government policies fostering growth of the industry and active investment by the private sector are critical.

- The core technology of Korean firms in renewable energy is approximately 80% the level of European and American companies while competitiveness of pricing in relation to technological advancement is comparable to that of Chinese companies. Therefore, in order to overcome these problems, renewable energy must be provided at the governmental level, subsidies must be provided for research and development of new generation technologies, and Korean companies must be supported in collecting information about overseas markets and developing marketing strategies.

- Meanwhile, according to a survey conducted by the Overseas Economic Research Institute of Korea Eximbank regarding challenges to expanding exports in renewable energy, Korean firms identified difficulty in securing financing (32.8%), marketing in foreign markets (26.2%), and increasing level of technological competitiveness (21%).

- Companies also stated that the government should make renewable energy available on a national scale in order to secure profitability and accumulate experience (60.3%). In addition, companies stated that the government should provide support for R&D (25.2%) and expansion into foreign markets (12.1%).

- The report, "Status of the Renewable Energy Industry in 2010 and Strategies for Overseas Expansion," analyzes global renewable energy markets, policies of each country, and activities of major companies with core technologies in each field of renewable energy. In addition, the report suggests expansion strategies and direction for governmental support by analyzing the difficulties of overseas expansion identified through the survey for domestic companies.

- The Overseas Economic Research Institutes of Korea Eximbank plans to continually provide overseas information and strategic analysis of related industries for overseas expansion and increased export by domestic companies.