An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, Nov. 23, 2021.
South Korea on Friday said it will provide 7 trillion won in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with theGovernment support will include lowering lending rates and insurance premiums by as much as 20% as well as providing more loans and tax credits for Korean firms' battery and material production facilities in the region, the industry ministry said.
"Both the government and businessmen should cooperate to find solutions together to effectively cope with situations changing rapidly after the Inflation Reduction Act," Trade Minister Lee Chang-yang said while presiding over a meeting with major battery cell makers and materials firms.
Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken Jan. 20, 2022.
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