SEOUL, Oct. 3 (Yonhap) — Finance Minister Choo Kyung-ho said Tuesday that the government will develop a set of initiatives to improve the competitiveness of South Korea’s rechargeable battery industry and small and medium-sized enterprises (SMEs) by the end of the year. Moreover, the government will increase its investment in the research and development of the rechargeable battery industry in 2024, Choo noted during his visit to Koreakiyon Co., a research equipment manufacturer in southern Seoul. The government plans to allocate 24.6 billion won (US$18.1 million) for this purpose, which is an 80 percent increase from the 13.7 billion won allocated for this year. Choo also said that the government will modify regulations that are obstructing the growth of SMEs, create plans to assist companies facing a shortage of manpower, and provide assistance to those wishing to enter foreign markets. Additionally, the government has increased the budget for export vouchers and overseas corporate exhibits for next year by 17 percent and 23 percent, respectively.
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