Seoul: The government has announced a significant investment of 280 billion won (US$191 million) over the next four years to advance next-generation battery technologies. This initiative, focusing on all-solid-state, lithium metal, and lithium sulfur batteries, is designed to bolster local companies' competitiveness amidst the growing global market rivalry, as stated by the industry ministry on Friday.

According to Yonhap News Agency, the investment plan was revealed during the latest national advanced industry committee meeting, led by Prime Minister Kim Min-seok. The initiative aims to position the country as a global leader in the secondary battery industry. The Ministry of Trade, Industry and Resources emphasized that the plan is intended to strengthen the secondary battery sector, which is crucial for achieving carbon neutrality and advancing the future mobility landscape. However, the industry faces significant challenges, including the global electric vehicle (EV) divide and the increasing prominence of China in the sector.