"K Battery, Focus on Emerging Markets"…KOTRA, Battery Global Partnership Seminar

[Asia Economy Reporter Su-yeon Woo] KOTRA announced on the 10th that it will hold the 'Battery Global Partnership Seminar' simultaneously online and offline on the 11th. Co-hosted by KOTRA, the Korea Battery Industry Association, and COEX, this event is designed to support the overseas expansion of domestic small and medium-sized enterprises and mid-sized companies in the rapidly growing automotive battery sector.

At this seminar, the current status of the electric vehicle battery industry in emerging markets that are usually difficult for Korean companies to access, including advanced markets such as the United States, China, and the European Union (EU), as well as Southeast Asia, South Asia, the Commonwealth of Independent States (CIS), Africa, and Latin America, will be introduced. Based on local market research and data analysis conducted through KOTRA's overseas trade centers, electric vehicle promotion policies and entry strategies for 17 emerging countries, which have been overshadowed by advanced markets, will also be discussed.

In particular, Indonesia is a huge market that recorded annual car sales of over one million units before COVID-19, supported by its large population. It is actively attracting foreign companies with the goal of becoming the Southeast Asian electric vehicle hub by 2030. Additionally, the abundant deposits of key battery raw materials such as nickel, cobalt, and manganese make it advantageous for building a value chain for local production.

Paul Beach, CEO of Octillion, a U.S. electric vehicle battery pack manufacturer participating as a speaker at this seminar, introduced the company's production plants located in China and India and expressed hope for multifaceted cooperation with Korean companies in technology exchange and parts supply.

Yoo Jung-yeol, President of KOTRA, said, "Electric vehicle batteries are a representative future promising industry with significant ripple effects throughout the industrial supply chain," adding, "We will promote various support projects in the battery sector this year to help our companies expand overseas."

The Battery Global Partnership Seminar will be held on the 11th from 10 a.m., and only those who have pre-registered can attend in person at COEX. Participation is also possible online through the KOTRA website.

This content was produced with the assistance of AI translation services.