Korean to Nurture Rechargeable Battery Sector

August 23, 2002 by Jeff Shepard

The Korean government announced that it plans to provide support to the local rechargeable battery sector to expand its presence in the world rechargeable battery market. The Ministry of Commerce, Industry and Energy reported that it hopes to raise Korea's share of the world rechargeable battery market, which stood at four percent in 2001, to 40 percent by 2010, for Korea to become the world's biggest supplier of rechargeable batteries.

The blueprint announced by the government regarding plans to nurture the local rechargeable battery business includes establishing a large-scale project aimed at the development of a highly efficient, lithium-polymer battery and small-sized, but long-lasting, rechargeable batteries. The ministry added that it will establish a research and development center for rechargeable batteries by 2007, and offer tax exemptions for imported crude materials needed in the development of the batteries. There are currently nine cell manufacturers, seven rechargeable battery equipment makers and nine component manufacturers in Korea. The world rechargeable battery market is expected to reach $6.3 billion this year, with Japanese makers controlling more than 65 percent of the world market.