"Fiscal and Financial Support for K-Battery"... Song Jaebong Proposes 'Battery Industry Support Act'

Song Jaebong, member of the Democratic Party of Korea. Office of Song Jaebong

Song Jaebong, a member of the National Assembly's Trade, Industry, Energy, SMEs and Startups Committee from the Democratic Party of Korea (Cheongju Cheongwon), announced on September 18 that he has sponsored the “Act on the Promotion and Support of the Battery Industry” to systematically foster the battery industry-a future high-tech sector and a core national security industry-and to secure technological sovereignty.

This bill includes the following: ▲ establishing and implementing a basic plan for the battery industry every five years; ▲ strengthening governance by setting up a Presidential Battery Industry Policy Committee; ▲ promoting localization of materials, parts, and equipment, and supporting startups and small and medium-sized enterprises; ▲ prioritizing support for regions outside the Seoul metropolitan area; ▲ expanding research and development; ▲ nurturing specialized professionals; ▲ designating battery industry clusters; ▲ building demonstration and testbeds; ▲ strengthening overseas market entry and resource diplomacy; and ▲ creating a special account and providing legal grounds for fiscal and financial support.

The battery industry is a national strategic sector directly connected to key areas such as electric vehicles, renewable energy, and energy storage systems (ESS). As a crucial pillar for achieving carbon neutrality and restructuring industrial frameworks, securing technological sovereignty is urgent amid intensifying global competition.

With major countries such as the United States, Europe, and China pursuing supply chain stabilization and technology development as matters of national security, there is an urgent need for South Korea to establish comprehensive and systematic support policies.

Song Jaebong stated, “The battery industry is at the core of national energy security and future growth engines. Through this bill, we aim to decentralize the industry structure concentrated in the Seoul metropolitan area, and lay the foundation for regions such as North Chungcheong Province to develop into global battery hubs.”

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