By Kang Yoon-seung
Sejong, Oct. 25 (Yonhap) — South Korea is looking to build stronger ties with Canada in the battery sector due to the implementation of the U.S. Inflation Reduction Act (IRA). Deputy Minister for Trade Yang Byeong-nae expressed this sentiment during a meeting in Seoul with his Canadian counterpart, Mark Schaan, to discuss ways to broaden economic ties, according to the Ministry of Trade, Industry and Energy.
The IRA provides tax credits of up to $7,500 to each buyer of a new electric vehicle (EV) assembled in North America and with batteries made of a certain amount of critical minerals produced in the region. Yang noted that this has highlighted the importance of Canada as a hub of the battery industry in North America.
In addition, Canada is the top producer of key minerals used for the production of batteries, such as nickel, lithium and cobalt. With South Korea’s status as a global leader in battery technology, there is great potential for cooperation between the two countries.
colin@yna.co.kr
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