Economic and energy prospects of Pacific Basin country: Korea

As a rapidly developing country, the Republic of Korea will require more energy in the future in order to continue growing and achieve a technology-based industrial capacity. Until recently energy requirements have been met mostly with imported oil. Efforts are being made to develop a wide spectrum of alternative energy sources for the future. In the current Five-Year Economic and Social Development Plan, covering 1982-1986, Korea will increase territorial and overseas oil exploration, stockpile imported oil, and develop an energy plan based on nuclear power, coal, and natural gas. The utilization efficiency of energy will be improved. A more electricity-intensive economy will develop when the Republic of Korea joins the ranks of fully developed countries in the near future