By Vice Chairperson Joy Cho
In March 2022, the AKEDA economic delegation visited Angola through the invitation of the Angola government. A memorandum of understanding was signed between Angola's state-owned company Sonangol Group and AKEDA (Africa-Korea Economic Development Association) for Angola's Floating Nuclear Power Plant (FNPP), shipyard construction, operation, sales, and business. The AKEDA economic delegation consisted of Vice Chairperson Ji-young Kim (AKEDA), Secretary-General Si-woo Chung (AKEDA), Director Eon-sang Park (AKEDA), and the officials of shipyard projects.
This project was promoted based on the achievements of Korea's actively leading the African market economy through the African-Korean Economic Development Association for several years of economic development cooperation activities in the African region. In July 2021, Angola President Joao Lourenco sent National Assembly member Higino Carneiro to Korea as a special envoy to propose construction and operation of a state-of-the-art shipyard with AKEDA for economic cooperation. In response, AKEDA formed a cooperative team to propose Floating Nuclear Power Plant (FNPP) to Angolan President Joao Lorenco and accepted to participate in the project for economic cooperation.
The Floating Nuclear Power Plant (FNPP), it is a technology that uses a ship to build a small nuclear power plant of 100MW class and mass-produce green hydrogen by water electrolysis with the generated power. The 1-package system is a system that introduces the innovative technology of the hydrogen economy that desalinates seawater based on low-cost electricity production and mass-produces hydrogen through water electrolysis, which can bring about very economical effects.
In this Memorandum of understanding between the AKEDA Economic delegation and the Angola Sonangol Group includes Floating Nuclear Power Plant (FNPP) project, naval patrol boat, small cargo ship, small LNG ships, other commercial ship construction projects, and African offshore plant manufacturing and construction projects.
Si-woo Chung, the Secretary General of AKEDA mentioned that 'Angola is a geopolitically important oil producing country, and it has a very close and friendly relationship with Korea. As the last remaining gold market in the international market, I think that it is one of the regions where Korea should actively secure.' In addition, an official from the Angola government mentioned 'It will strengthen economic cooperation between Angola and Korea country, and will have a positive effect on job creation and economic development in Angola.'