South Korea's Yoon calls strategy meeting to boost chip, battery sectors
FILE PHOTO: South Korea's President Yoon Suk Yeol delivers a speech to students at Keio University in Tokyo, Japan March 17, 2023, in this photo released by Kyodo. Mandatory credit Kyodo via REUTERS
SEOUL: South Korean President Yoon Suk Yeol ordered on Monday (Apr 10) 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.
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 neighbouring China. Local consumers are also holding back on spending after interest rate rises.
South Korean battery and chip shares rallied in early trade on Monday. LG Energy Solution shares were up 2.76 per cent as of 2.36pm (0536 GMT) compared to the wider KOSPI's 0.94 per cent rise, while SK Hynix shares saw a 2.58 per cent jump.
