S.Korea's Yoon calls strategy meeting to boost chip, battery sectors | Inquirer Business

S.Korea’s Yoon calls strategy meeting to boost chip, battery sectors

/ 04:42 PM April 10, 2023

South Korean President Yoon Suk-yeol

South Korean President Yoon Suk-yeol speaks at an interview with Reuters in Seoul, South Korea, Nov 28, 2022. REUTERS/Daewoung Kim/File photo

SEOUL  – South Korean President Yoon Suk Yeol ordered on Monday a national strategy meeting to boost the competitiveness of the country’s rechargeable battery and semiconductor sectors, a presidential spokesperson said.

The spokesperson did not provide further details, but the comment came a day before the country’s central bank is widely expected to leave the interest rates steady for a second consecutive meeting on Tuesday to support the slowing economy.

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South Korea’s economy, heavily dependent on trade and chip exports, has been decelerating in the face of a weakening global economy and still-sluggish demand from neighboring China. Local consumers are also holding back on spending after interest rate rises.

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South Korean battery and chip shares rallied in early trade on Monday. LG Energy Solution shares were up 2.76 percent as of 2:36 p.m.(0536 GMT) compared to the wider KOSPI’s 0.94 percent rise, while SK Hynix shares saw a 2.58 -percent  jump.

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https://business.inquirer.net/353862/boost-to-chip-making-sector

https://business.inquirer.net/395021/south-korea-to-offer-5-3-b-in-financing-to-support-battery-investment-in-north-america

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TAGS: Battery, chip, electric vehicles, meeting, South Korea, strategy

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