Kyong-ho Choo “We need to ensure supply chain stability through a strategic public-private response”

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Deputy Prime Minister and Minister of Strategy and Finance Chu Kyung-ho speaks to industry officials at LG Energy Solutions’ Magok R&D Campus in Gangseo-gu, Seoul on the afternoon of the 25th. Provided by the Ministry of Finance

Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho said on the 25th, “As supply chain issues such as the US’s Deflation Act have emerged recently, strategic responses through public-private collaboration are more important than anything else to ensure supply. chain stability and strengthening industrial competitiveness.”

Deputy Prime Minister Chu said in a meeting with officials from the secondary battery industry and related organizations at LG Energy Solutions’ Magok R&D Campus in Gangseo-gu, Seoul that day, “The domestic secondary battery industry is a leading industry that has ensured high competitiveness. based on excellent technology, while accelerating the spread of electric vehicles. As a result, its importance as a strategic industry with great potential is gradually expanding,” he said.

At the meeting, participants talked about the current issues facing the industry, such as supply and demand trends and key mineral prospects related to secondary batteries, the ripple effects of the US Inflation Reduction Act (IRA), and conditions export.

In response, Deputy Prime Minister Chu sympathized with the concerns faced by the industry amid growing internal and external uncertainty such as the recent global supply chain reshuffle, and emphasized that the government and the private sector would building up their abilities to respond effectively.

In particular, Deputy Prime Minister Chu said, “We have been conducting close bilateral consultations with the United States in response to the Inflation Reduction Act, and we are taking active steps such as submitting the government’s views on sub-regulations’ r Ministry of Finance.” We will strengthen international cooperation to secure core minerals, such as tax credits for manufacturing and tax credits for environmentally friendly vehicles, while promoting comprehensive and systematic support at government level, such as establishing a comprehensive stockpiling plan for core minerals this year .

The meeting was attended by Lee Bang-soo, president of LG Energy Solutions, Kwon Sun-jin, head of the Mineral Resources Division at Korea Mine Haejin Industrial Complex, and Song Joon-ho, senior researcher at the Korea Institute of Electronics. Technology.

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