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 commercialize the technology, according to the Ministry of Science and ICT.

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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.

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.

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