(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Minyoung] The South Korean government plans to support the self-reliance of the domestic battery and automotive industries' supply chains by providing 9.7 trillion won in policy financing this year. This move comes as part of a plan to address concerns raised by the United States over the Implementation of the Reconciliation Act (IRA), particularly related to graphite, by granting a two-year delay in sanctions and supporting the domestic battery industry's supply chain self-reliance.

At a joint public-private meeting on the IRA held at the JW Marriott Hotel in Gangnam-gu, Seoul on the 8th, Industry Minister Ahn Deok-geun chaired the meeting and discussed the impact of the final guidance on eco-friendly vehicle tax deductions and Foreign Endangerment Offset Credits (FEOC), as well as future responses.

In attendance at the meeting from the private sector were Kim Dong-myung, President of LG Energy Solution and Chairman of the Battery Industry Association; Lee Seok-hee, CEO of SK On; Choi Yoon-ho, President of Samsung SDI; Song Ho-jun, CEO of EcoPro; Hong Jung-jin, Executive Vice President of Posco Future Em; Nam Chul, Vice President of LG Chem; Woo Jeong-yeop, Executive Director of Hyundai Motor; Park Tae-sung, Vice Chairman of the Battery Industry Association; and Kang Nam-hoon, Chairman of the Automotive Mobility Industry Association.

As part of this initiative, the government plans to enhance financial, tax, and infrastructure support, including providing 9.7 trillion won in policy financing for domestic investments related to supply chain self-reliance.

 

 

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