Additional Support Measures to Encourage Exports: Energy and Steel
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 steel and energy industries include:
- Announcement of plans for a carbon-neutral steel R&D plan and steel industry growth strategy, in part as a response to the EU carbon border adjustment mechanism and other on-going impacts of the energy transition on the steel industry (KRW 210 billion; 2023-2030)
- Establishment of hydrogen fuel cell generation cluster to support R&D and demonstration of hydrogen fuel cell technology (KRW 192 billion; 2024-2028)
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