Additional Support Measures to Encourage Exports: Batteries

In September 2023, the Korean government's Emergency Economic Ministers Committee (led by the Ministry of Economy and Finance) announced Additional Support Measures to Encourage Exports, a portfolio of policy measures aimed at boosting export competitiveness through a combination of deregulatory measures, financing support, and government grants. 

Measures include both general support that apply to a wide range of industries; and specific funding measures aimed at key strategic industries (including energy, semiconductor, and battery manufacturing industries).

Specific funding measures for batteries include:

• R&D funding for lithium iron phosphate battery and sodium battery technology (KRW 2.6 billion; 2024 -)
• Establishment of a "battery park" for R&D and demonstration purposes (KRW 34 billion; 2022-2026)

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