Overseas expansion of South Korean renewable energy firms: Status and barriers

The objectives of this study are to investigate the current status of and barriers to the overseas expansion of South Korean renewable energy firms into developing countries, and to suggest related policy implications. Since 2008, the South Korean government has supported overseas expansion of South Korean renewable energy industries, in order to achieve national development of its low-carbon, green-growth vision. However, to date, the current status of and barriers to the overseas expansion of South Korean renewable energy firms have not been researched. To do so, we divided the overseas expansion process into three steps and investigated the influence of important factors at each step. This research is made use of a survey and interviews, and the results thereof indicate that the major barriers to expansions are unstable political conditions, a lack of information, a high dependence on business partners, a complicated government-based process, and the reluctance of private investors. In overcoming these barriers in expanding into developing countries, the role of government and especially the role of public agencies is essential.