[Korea to become battery powerhouse]

Last week, President Moon said that his government would use all available policy measures to ensure that South Korea becomes a global secondary battery-manufacturing powerhouse by 2030.

At the start of a speech at the LG Energy Solution (LGES) battery manufacturing plant in Ochang, last week, President Moon said that South Korea has become the world’s top battery-producing country in terms of market share in small-sized batteries by passing Japan in 2011. In the mid- and large-sized battery markets, the country is competing with China for the top position.

Moon also vowed to introduce large-scale tax incentives for investments in research and development at a time securing high-tech parts is considered on a par with national security amid ongoing geopolitical tension. The Korean Government will offer a maximum tax credit of 20 percent for investments into equipment, and tax credits of up to 50 percent for R&D spending.

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문재인대통령은 지난 주 LG 에너지 솔루션 제2공장에서 한국이 2030년까지 명실상부한 배터리 1등 국가가 되는 것이 목표라고 밝혔습니다.

문대통령은 배터리를 반도체, 백신과 함께 국가 전략기술로 지정하고 R&D(연구개발) 투자의 최대 50%, 시설투자의 최대 20%까지 세액 공제할 것이라고 전했습니다.

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Australia Korea Business Council
PO Box 24430
Melbourne, Vic 3001 Australia
Liz Griffin – Executive Director

The Australia-Korea Business Council is the leading national body committed to strengthening the Australia-Korea economic relationship.