Battery Industry Welcomes National Advanced Industry Development Strategy... "A Great Boost to Ecosystem Formation"

Announcement of the Korea Battery Industry Association's Position

The battery industry has expressed a welcoming stance toward the government's national advanced industry promotion strategy.

The Korea Battery Industry Association issued a statement on the 16th, saying, "This announcement is evaluated as an appropriate measure in a situation where the global economic downturn has increased investment burdens, potentially dampening companies' willingness to invest," and added, "We actively welcome it."

The association stated, "The trade environment surrounding batteries is becoming increasingly competitive due to the U.S. Inflation Reduction Act (IRA), the European Union (EU) Critical Raw Materials Act (CRMA), and others," and added, "At this point, entering an era of endless competition for dominance among countries beyond competition among battery companies, we expect this to greatly help in establishing a robust ecosystem for the domestic battery industry."

Minister of Land, Infrastructure and Transport Won Hee-ryong and Minister of Trade, Industry and Energy Lee Chang-yang are announcing the "National Advanced Industry Development Strategy (including candidate sites for national industrial complexes)" on the 15th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Yoon Dong-joo doso7@

It also said, "We request that the 'Amendment to the Restriction of Special Taxation Act,' which mainly includes an increase in tax credits for investment in national strategic technologies, be promptly legislated by the National Assembly," and added, "We hope efforts will be made to ease regulations that hinder investment, expand research and development (R&D) budgets for next-generation battery technology development, and foster human resources so that this strategy can produce synergistic effects."

The association also pledged to focus on R&D investment and job creation. It emphasized, "The battery industry will strive to carry out planned investments, R&D investments to secure technological leadership, and job creation without setbacks," and added, "The association will faithfully perform its role as a hub for public-private cooperation to support the establishment of a stable battery ecosystem domestically."

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