Scottish Development International Working with South Korea to Develop Marine Technology Industry

Finance Secretary John Swinney witnessed the signing of a Memorandum of Understanding between Scottish Development International and Incheon Metropolitan City to encourage the two countries to exchange knowledge, ideas and technologies to develop their marine energy industries.

The MoU will help to increase trade links between South Korea and Scotland, providing a new market for tidal energy companies in Scotland looking to export products and services overseas.

Commenting on the agreement, Finance Secretary John Swinney said:

“Scotland is recognised across the globe for its strengths and expertise in the marine energy sector, and the signing of this MoU today is a true testament of that.

“This marks the start of an exciting new journey which will see businesses in Scotland work in partnership with those in South Korea to jointly develop our tidal energy sectors, helping to grow this into a major global industry.

“It is widely recognised that renewable energy is essential for energy security, for environmental sustainability and for economic prosperity. The Scottish Government is eager to maximise those advantages in order to bring new jobs and investment to Scotland and to develop relationships with other nations overseas.

“Today’s announcement further demonstrates our commitment to growing Scotland’s reputation as the leading marine energy country, building relationships with Korean institutions and companies pursuing partnerships in marine energy R&D and manufacturing.

“It is only through working with other countries in this way that we can continue to improve our own framework, to ensure that we remain at the forefront of the renewable technology revolution.”

Cameron Johnstone, Chief Executive of Nautricity – a Scottish company that has visited South Korea and is interested in working with tidal developers there, said:

“The substantive marine energy resource contained within Korea’s coastal waters, along with the introduction of aggressive marine renewable deployment targets, provides an excellent opportunity for Scottish companies such as ours to work closely with Korean counterparts to facilitate the development of a commercial marine renewable market.

“It is widely anticipated that marine renewable projects will be delivered through joint initiatives between Korean organisations working in partnership with established overseas partners and we expect this MoU to establish the Scottish Marine Renewable Industry as a key stakeholder and enabler.”

Frank Boyland, Asia Director for Scottish Development International, said:

“SDI is fully committed to supporting Scottish companies who have the knowledge, skills and technologies to help deliver what will be a significant future opportunity in Korea. The signing of the MoU will provide an excellent foundation to build stronger relationships with Korean partners, giving the Scottish marine sector an extra competitive edge.”

Yoon-soo Park, Director of Incheon Metropolitan City Green Energy Policy Division said:

“The development of tidal energy is one of the city’s primary goals. Incheon City anticipates the MoU with SDI to foster the exchange of advanced technology and expedite the development of the Tidal Energy Complex.

“We expect Incheon City and SDI to jointly discover development areas in the field of marine energy via strengthened mutual cooperation. The MoU gives momentum to encourage joint studies and knowledge sharing, thus helping to establish Incheon as a “mecca” for tidal energy.” 

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Press release, May 7, 2013; Image: Scottish Enterprise