S. Korea to devise measures to strengthen rechargeable battery industry: finance minister

Finance Minister Choo Kyung-ho said Tuesday the government will come up with a set of measures to boost the competitiveness of South Korea’s rechargeable battery industry and small and medium-sized enterprises (SMEs) later this year.

Along with the plan, the government will expand its investment into the research and development of the rechargeable battery industry next year, Choo said during his visit to Koreakiyon Co., a research equipment manufacturer in southern Seoul.

The government plans to inject some 24.6 billion won (US$18.1 million) into secondary battery R&D in 2024, up 80 percent from 13.7 billion won allocated for this year.

Choo also said the government will improve regulations hindering the growth of SMEs, devise measures to help companies suffering from a lack of manpower and provide help to those wanting to break into overseas markets.

The government has expanded its budget for export vouchers and overseas corporate exhibits for next year by 17 percent and 23 percent, respectively.

Source: Yonhap News Agency