[THE INVESTOR] South Korea’s new growth engine businesses such as rechargeable batteries and organic light-emitting diode panels will be exempt from tariff by the end of this year when they import equipment and material from overseas.

The Korean government currently offers tariff exemption to 51 import items with aims to protect local industries and stabilize domestic prices.

Adding to them, the government said, it has decided not to impose the usually 3 to 8 percent tariff on 23 select items such as production equipment and material for rechargeable batteries, OLED panels and carbon fibers by the end of this year.

The combined tax benefit is estimated at about 13.7 billion won (US$12 million).

By Lee Ji-yoon ()