SEOUL-- President Moon Jae-in pledged extraordinary incentives for corporate investments in South Korea's battery industry during a visit to a related local factory Thursday.

"Batteries are rapidly emerging as the center of the future industry," he said, as the government unveiled the country's "K-battery" blueprint at the battery production plant of LG Energy Solution in Ochang, North Chungcheong Province.

He pointed out that the development of battery technology would be key to future transportation, including electric vehicles, and also the task of going carbon neutral.

It is a "key driver in transforming the South Korean economy into a pacesetting one," the president emphasized during the event attended by government officials and representatives from the nation's big three battery makers -- LG Energy Solution, Samsung SDI and SK Innovation.

Moon presented the vision for South Korea to become the world's No. 1 battery powerhouse by 2030.

To that end, he added, the government will provide exceptional investment incentives and step up efforts for the development of next-generation battery technology.

The government will designate batteries as a "national strategic technology," along with semiconductors and vaccines.

Incentives include a tax deduction of up to 50 percent for R&D investment and up to 20 percent for facility investment, he said.

The global battery market is expected to grow to US$350 billion in 2030. "It represents a tremendous opportunity and challenge," he said.

Moon also joined ceremonies to break ground for a new research and testing center of LG Energy Solution and to sign an agreement by the government, private firms and public enterprises to work together for the K-battery project.

Source: Yonhap News Agency