Korea will make joint private-public investments of 40 trillion won (36 billion U.S. dollars) over the next five years to cultivate renewable energy industries.

To gain the upper hand in the global marine wind power market, Seoul will build a 100 megawatt-class marine complex for wind power demonstrations in the southwestern coastal region by 2013.

The government held Wednesday its ninth green growth committee meeting chaired by President Lee Myung-bak. It announced a renewable energy industry development strategy urging these and other measures. Under the plan, Korea will invest a combined 40 trillion won between next year and 2015 through joint investments by the private and public sectors. The figure breaks down into 20 trillion won (18 billion dollars) for solar power, 10 trillion won (8.9 billion dollars) for wind power, and 900 billion won (800 million dollars) for fuel cells. The Knowledge Economy Ministry said, “The global renewable energy market is a promising sector projected to grow an average of 28 percent per year,” adding, “Through various assistance programs, Korea will nurture solar energy into a second semiconductor sector and wind power as a second shipbuilding industry.” Last year, Korea’s shares of the poly silicon, cell and module markets in the global solar energy sector ranged from one to 14 percent, and four percent in the wind power market. Kang Nam-hoon, chief of the ministry’s climate change and energy policy bureau, said, “Through renewable energy promotion programs, Korea can not only expand exports but also create 110,000 jobs,” adding, “Through diverse support measures, we will seek to ensure that Korea becomes one of the world’s top five renewable energy powerhouses by 2015.” President Lee said, “No other country in the world has water as cheap as in Korea, and people waste water here,” ordering measures to improve the efficient use of water resources and industrialize water. “Green growth is not a matter of selection but an essential task Korea must take on without fail, since it entails the two goals of industrial development and preparation for climate change.” He added, “Green growth is an area where small and medium-size enterprises, established companies and conglomerates can team up to develop through role sharing and cooperation.” “If concerned parties exert all-out efforts with the attitude of attaining new knowledge and determination to build an advanced nation, Korea will stand ahead of other countries one day in the future.”