Science ministry closes first IAEA ministerial meeting held in Korea

The science ministry said Thursday that the International Atomic Energy Agency's nuclear ministerial conference closed in Incheon after three days of talks, the first such meeting South Korea has hosted, drawing about 800 participants from 62 IAEA member states.

Government delegates at ministerial level, representatives of five international organizations and officials from roughly 85 companies at home and abroad attended the meeting at Songdo Convensia, according to the Ministry of Science and ICT.

For countries preparing to build their first reactors, participants pointed to policy consistency, the independence and expertise of regulators, and predictable costs and schedules as the conditions that decide whether a project proceeds. Newcomer states were also urged to secure financing and put institutions in place early, with regulatory capacity and a trained workforce in hand before construction starts.

On financing, the meeting weighed risk-sharing between governments, companies and investors, and discussed linking IAEA readiness reviews for newcomer countries with the project and investment preparation support offered by financial institutions including the World Bank Group. Suppliers need long-term visibility of project demand if they are to keep investing in quality control and manufacturing, delegates said.

Regulatory cooperation focused on sharing safety review experience to cut unnecessary duplication while respecting each country's laws and independent regulatory authority. Safety, nuclear security and non-proliferation were set out as principles underlying both construction and the use of technology, with transparent information on safety, costs and waste management, and early engagement with local communities, presented as the way to build public confidence.

On small modular reactors and advanced reactors, the talks centered on proving performance and economics through demonstration and operation, and on securing the conditions projects need, from market demand and licensing preparation to sharing early investment risk, fuel supply and arrangements for spent fuel and radioactive waste. Extending nuclear use to marine, offshore and remote locations would require adapting laws and regulations and clarifying the roles and responsibilities of the bodies involved, participants said.

Korea, as host, ran a session titled "A New Era of Nuclear Power" to share its development and operating experience with member states preparing to adopt new technology, and set up a special K-nuclear pavilion showcasing its work across large plants, SMRs, next-generation reactors and research reactors.

"This meeting was a place to gather each country's experience and capabilities to explore the future of nuclear power together and to lay the foundation for policy, technology and industrial cooperation based on safety and trust," Deputy Prime Minister and Science Minister Bae Kyung-hoon said. He added that Korea would draw on its technology and experience to pursue workforce training, technology exchange and industrial cooperation with the IAEA and member states, matched to each country's needs and conditions.