Strengthening core mineral supply chains and fostering the post-use battery industry ecosystem systematically
On December 13th,
the government announced plans to enhance the competitiveness of the secondary
battery industry during an emergency economic ministerial meeting.
A bill will be
introduced by 2024 to systematically promote the post-use battery industry. A
three-stage safety inspection system will also be implemented for the secure
distribution and utilization of electric vehicles with used batteries and
reusable products.
Batteries meeting
performance criteria are recognized as products from the dismantling stage,
with extended storage periods for recycling and mandatory information input at
each lifecycle stage through legislation.
The patent review period for secondary batteries will be shortened from 21 to
10 months. Exemptions for electric sales permits will be granted to electric
two-wheeler battery exchange services, and support will be provided for new
markets like secondary battery subscriptions.
Tax deductions for overseas resource development investments, starting in 2024,
and consideration for designating core mineral refining technologies as new
growth and foundational technologies.
The government plans to invest over 38 trillion won in the next five years in
all areas of the secondary battery industry, including research and development
through the "Next-Generation Secondary Battery Technology Development
Project" starting in 2024.
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