Korea to become ECA driven battery powerhouse by 2030

(Korea Times, Seoul, 29 November 2022) The government is aiming to make Korea-produced batteries account for at least 40 percent of global market share by 2030, as assisted by the establishment of an intergovernmental alliance to secure key battery materials, fostering a sustainable industrial ecosystem and expansion of tax credits, the trade ministry said Tuesday. The government will form and strengthen alliances with resource-rich countries, including Australia, Canada and Chile. Materials secured from the three countries will be refined there, or in nearby countries with which the U.S. has a free trade agreement. Up to 3 trillion Won in loans and guarantees will be provided over the next five years for industry players investing in refining and smelting projects, as mediated and overseen by Korea Trade Insurance Corp., an export credit agency and Export-Import Bank of Korea (Eximbank), a state-run lender.