President Moon Jae-in said Monday it is fortunate and meaningful that two South Korean electric vehicle (EV) battery makers -- LG and SK -- have reached a deal on ending their legal dispute on electric vehicle batteries.

He stressed the importance of the stability in global supply amid accelerating technological changes.

"The agreement between the two companies is very meaningful in that it is in both the national interests and the long-term interests of individual companies for domestic members of the industrial ecosystem to cooperate based on mutual trust, while competing with each other," he said in his social media message.

He expressed hope that the nation's EV battery producers will move fast to lead the development of the global environment-friendly vehicle market.

SK Innovation Co. agreed to pay 2 trillion won ($1.78 billion) to LG Energy Solution Ltd. to end their two-year legal fight on a trade secret case. (Yonhap)