Jincheon: Budget Minister Park Hong-keun on Friday emphasized greater budgetary support for local renewable energy companies to help them strengthen their global competitiveness.

According to Yonhap News Agency, Park stated that the government is committed to supporting domestic manufacturers in securing a competitive edge on the global stage. During a meeting with industry representatives at the Hanwha Qcells factory, the renewable energy unit of Hanwha Solutions Corp., Park's remarks indicated a robust endorsement for the sector in the future.

In response to calls from industry officials for increased support, Park highlighted a significant decline in the domestic market share of locally made solar cells, which had plummeted from approximately 50 percent to the 4 percent range under the previous administration. He assured that the government will take into account the various concerns and suggestions raised during the meeting, working with relevant ministries to incorporate them into the budget planning process for the upcoming year.

Additionally, the policymaker assured that the government will prioritize the efficient execution of energy transition projects valued at approximately 600 billion won (US$408 million), which are part of the supplementary budget for the current year.