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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