South Korea sets mid-2030s target for its first nuclear submarine as underwater arms race looms

The submarine will use low-enriched uranium fuel and be developed and built in South Korea, Defence Minister Ahn Gyu-back said, laying out South Korea's basic plan for securing nuclear-powered submarines.

Ahn said the programme would draw on South Korea's nuclear, shipbuilding and defence industries, while maintaining Seoul's commitment not to acquire or develop nuclear weapons.

Shares in South Korean shipbuilders Hanwha Ocean and HD Hyundai Heavy closed up 10.2 per cent and 9.6 per cent, respectively, buoyed by President Lee highlighting the importance of the project in a cabinet meeting.