On October 3, 2023, The Honourable Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance of Korea, made an official visit to Korea Kiyon, a manufacturer of secondary battery research equipment.
During his tour, he observed the production facilities, especially the production site of the all-solid-state battery glovebox, where Choo emphasized the government’s commitment to strengthening the secondary battery sector1.
He announced plans to increase investment in next-generation secondary battery R&D, in all-solid-state batteries, and highlighted the increase in funding from KRW 13.7 billion this year to KRW 24.6 billion the following year2.
Choo also expressed optimism about the country’s economic recovery and encouraged proactive investments and exploration of overseas markets by businesses.
He pledged increased support for exports of small and medium-sized businesses, including a boost in the export voucher budget and the overseas exhibition budget.
The government also intends to aid small and medium businesses looking to expand abroad1 by leveraging networks of overseas Koreans, such as local Korean cooperative organizations. In addition to overseas government bidding information from approximately 190 countries provided through the Overseas Procurement Information Center (Public Procurement Service), we also plan to provide bidding information from various international organizations3.
Choo highlighted plans to address issues with the current penalty imposition method associated with export vouchers and stated the urgency to review certain impactful regulations. He announced upcoming plans aimed at improving regulations for small and medium businesses and addressing hiring challenges through a Resolution Plan.
1: Hwang, S.-W. (Reporter). (2023, October 3). Choo Kyung-ho visits the production site and “comes up with a plan to strengthen the competitiveness of the secondary battery industry”. Naver News. https://n.news.naver.com/article/082/0001234947?sid=101. Accessed October 6, 2023.
2: Lee, C. (Reporter). (2023, October 4). “Measures to strengthen secondary battery industry competitiveness to be prepared within the year.” News 1. https://www.news1.kr/articles/5188327. Accessed October 6, 2023.
3: Lee, S.-H. (Reporter). (2023, October 3). Choo Kyung-ho visits secondary battery equipment company ‘Korea Research Institute’… “Expanding investment in secondary battery R&D”. Naver News. https://n.news.naver.com/article/366/0000936458?sid=101. Accessed October 6, 2023.
