S. Korea set to unveil support plan for battery sector this week

South Korea's industry ministry said Monday it plans to soon unveil a detailed blueprint to nurture the rechargeable battery sector, with the goal of the country taking the lead in the segment.

"We plan to spare no efforts to develop technologies for rechargeable batteries and foster businesses in the field of materials, parts and equipment," Industry Minister Moon Sung-wook said during his visit to a production line of Samsung SDI Co. in the southeastern city of Ulsan.

Over the first half of 2021, South Korea's exports of rechargeable batteries advanced 24.1 percent to $4.3 billion.

In June alone, the volume shot up a whopping 47.6 percent to $755 million, in line with rising global demand for electric vehicles and Washington's environment-friendly policies.

South Korea has been rolling out a set of blueprints to foster key growth engines and brace for the post-pandemic economic recovery.

In May, the country said it would provide massive tax incentives and state subsidies to chipmakers to encourage them to spend a combined 510 trillion won ($448.9 billion) by 2030, as part of its vision to become a global powerhouse in both memory and non-memory chips. (Yonhap)