South Korea plans to ease regulations to promote investment in the battery and energy industry
8. June 2023The South Korean government plans to ease rules and regulations in the battery, EV and energy industries. This is expected to attract the equivalent of US$2.1 billion in investment and create 12,000 new jobs. The decision was made in early March during a government meeting led by Prime Minister Han Duck-soo. The battery and power industry is a multi-faceted intersection for product categories of many other industries. Products in these fields often require KC certification, KCs certification or other Korean product certifications to be approved for the Korean market.
LG Energy Solution Ltd. could be the first company to benefit from the relaxed regulations, writes Pulsenews Korea. The nation’s largest producer of EV batteries is currently facing problems for approval to build its battery factory in Ochang, North Chungcheong Province. LG Energy has to comply with certain regulations when constructing buildings that handle hazardous substances. These were ultimately observed, but only because the factory was already planned as a so-called “smart factory”. On the other hand, exemptions were granted for fire protection, which was found to be deficient in a test by the Korea Fire Institute. However, the process was time-consuming and threw schedules into disarray. The battery manufacturer could only proceed with the construction of the factory when the government intervened with a fast-track procedure for further safety testing.
The government also decided to immediately suspend certain rules for participation or comment on energy projects in order to speed them up. These include the construction of an LNG plant in Dangjin, an LNG storage depot in Gwangyang and the designation of an industrial zone in the Masan Free Trade Zone. In addition, the robotics industry is to be promoted by removing regulations. The government expects the industry to grow 13 per cent annually from the current US$28.2 billion to US$83.1 billion. For example, there are plans to expand the use of robots and make their use on pavements possible.
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