Korea introduces special laws for battery and chip industry15. September 2021
The government reiterated its support for the domestic battery industry and related industries to develop them into a global export hit, similar to semiconductors and computer chips. New technologies are to be developed, small and medium-sized companies are to be helped, and opportunities for education and training are to be created. To discuss the details of the plan, the minister of trade, industry and energy met with representatives of local battery manufacturers at Samsung SDI’s factory in the southeastern industrial city of Ulsan. At the meeting, Moon said the administration would work to introduce special laws to support key industries such as battery manufacturing and semiconductors to stabilize supply chains and ensure future competitiveness. Growing production depends on strong supply chains needed to import KC-certified parts and components and export to foreign markets.
Moon made clear at the meeting that South Korea would continue to pursue the development of battery technology, attracting well-known companies and training skilled workers. Participants in the small summit included representatives from Samsung SDI, EcoPro BM, Chunbo, Isu Chemical, Iljin Materials and Dong-Il Aluminum. Samsung SDI is one of the country’s top three battery manufacturers, producing a wide variety of batteries for electric cars, energy storage, smartphones, electric scooters and tools. As an offshoot of the Samsung Group, the company is also a leader in research and development of new technologies.
As a result of the talks, the government will soon announce the key points of a so-called “K-Battery” strategy. The country already adopted a “K-Semiconductor” plan in May this year. In cooperation with Samsung Electronics and SK Hynix, the goal is to create the world’s largest industrial and supplier location by 2030. LG Energy Solutions (LGES), Samsung SDI and SK Innovation (SKI) will announce their investment plans regarding the expansion of their capacities for battery products in the coming months. The government promises aid measures for the recruitment of qualified workers and tax breaks for this purpose.
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