Gov't to boost rechargeable battery industry, SMEs

Finance Minister Choo Kyung-ho, front, tours Koreakiyon, a secondary battery research equipment manufacturing firm, in southern Seoul on Oct. 3, 2023.

Finance Minister Choo Kyung-ho said Tuesday the government will come up with measures to boost the competitiveness of Korea's rechargeable battery industry and small- and medium-sized enterprises (SMEs) later this year.

Investment in research and development for the rechargeable battery industry will also be expanded next year, Choo said during his visit to Koreakiyon Co., a research equipment manufacturer in southern Seoul.

The government plans to inject some 24.6 billion won ($18.1 million) into secondary battery R&D in 2024, up 80 percent from 13.7 billion won allocated for this year.

It will reform regulations hindering the growth of SMEs, devise measures to help companies suffering from a lack of manpower, and provide help to those wanting to break into overseas markets.

The budget for export vouchers has been expanded by 17 percent, and overseas corporate exhibits by 23 percent.

Yonhap