The South Korean Ministry of Economy and Finance stated on December 13 that the government, under President Yoon Suk-yeol, aims to enhance the competitiveness of the Korean battery industry from mining to recycling. And financial assistance will take the form of loans, credit guarantees, reduced lending rates, and will be utilized to invest in production facilities in North America, aiding companies in obtaining tax incentives under the U.S. Inflation Reduction Act.

Additionally, the South Korean government plans to raise a fund of 1.5 trillion Korean won to help companies secure mineral resources and expand overseas production. While acknowledging that the three major battery manufacturers in South Korea (LG Energy Solution, Samsung SDI, and SK On) currently control nearly half of the global electric vehicle battery market outside of China, the statement emphasized the urgency of diversifying the supply chain and internalizing raw materials.