Lee Jae Myung: "Recharging the Economy with K-Batteries... Promoting Gadeokdo New Airport"

On May 31, Lee Jae Myung, the Democratic Party presidential candidate, stated, "The K-battery (secondary battery) industry is the key to a major leap forward for the South Korean economy," and added, "As the industry faces a crisis due to declining demand for electric vehicles and the influx of low-priced foreign batteries, which have undermined profitability, we will foster the K-battery industry as the central pillar of the K-initiative to lead the global market."

Lee Jae Myung, the Democratic Party presidential candidate, is campaigning in Gwanak, Geumcheon, and Dongjak districts at Gwanaksan Eutteum Park in Gwanak-gu, Seoul on the 29th. Photo by Kim Hyun Min

In a post on social networking services (SNS) that day, Lee said, "We will recharge the South Korean economy with K-batteries," and made these remarks.

First, Lee pledged, "To counter the onslaught of low-priced batteries, we will strengthen research and development (R&D) to secure ultra-gap technologies," and promised, "We will actively support the research and commercialization of 'all-solid-state batteries,' a next-generation core technology that reduces fire risk and extends usage time."

He continued, "We will introduce tax incentives to promote domestic production and investment," and explained, "The Chungcheong region is important for battery manufacturing, the Yeongnam region for core materials and responding to future demand, and the Honam region as a hub for key minerals and cathode materials." He added, "We will create a 'battery triangle belt' connecting these three regions."

Lee also emphasized, "We will build a distributed power grid by expanding the supply of energy storage systems (ESS) linked to the energy highway," and stated, "We will also strategically foster the 'used battery' industry. We will support public sector preferential purchasing and expand distribution projects in parallel."

Regarding the construction of the new airport on Gadeokdo, Lee posted a separate message, stating, "This is not just a local SOC (social overhead capital) project, but a core national project directly linked to the future of South Korea," and declared, "The Democratic Party will take responsible charge of the Gadeokdo new airport project, which was initiated by the Democratic Party."

He continued, "It is regrettable that Hyundai Engineering & Construction has decided not to participate in the site development work for the Gadeokdo new airport. This is because they withdrew from the consortium just as a contractor was about to be selected after four failed bids."

The previous day, Hyundai Engineering & Construction announced that it would not participate in the site development work for the Gadeokdo new airport, citing the government's request to shorten the construction period as the reason.

Lee stated, "Although the special law for the Gadeokdo new airport passed in 2021, it took three years until October last year for a contractor to be selected, and even then, the project is again at risk of being halted. The disappointment of Busan citizens must be immense," and added, "We have to start over from the beginning, starting with finding a contractor. The responsibility for carrying out the Gadeokdo new airport project now rests entirely with the new government."