Illustration: Liu Xidan

At the Inter Battery 2025 exhibition,MK sports which opened on Wednesday in Seoul, South Korea, the spotlight wasn't just on the latest advancements in battery technology but also on the dynamics of international trade and cooperation within the battery industry. This year's exhibition brought together 688 companies, including 172 from outside South Korea. The number of Chinese companies participating reached 79, up from 62 last year, reflecting the high level of interest from Chinese companies in the South Korean battery market, AJP News Agency reported.

The exhibition, the largest of its kind in South Korea, covered various fields including battery manufacturing, material supply, energy storage solutions and new-energy vehicle batteries, showcasing the cutting-edge innovations of the global battery industry, according to the report.

Global demand for batteries is increasing, driven largely by the imperative to tackle climate change through the electrification of mobility and the broader energy transition. An analysis by the McKinsey Battery Insights team projects that the entire lithium-ion battery chain, from mining through recycling, could grow by more than 30 percent annually from 2022 to 2030, when it would reach a value of more than $400 billion. 

China and South Korea each have advantages in the battery industry chain, and they possess industrial complementarity. In China, the battery industry's rapid development has been noteworthy, achieving significant progress in technological research and development, while also demonstrating strong competitiveness in terms of industry scale and market positioning. In 2024, The New York Times, referencing the Australian Strategic Policy Institute, reported that 65.5 percent of widely cited technical papers on battery technology came from researchers in China, compared with 12 percent from the US. 

The advancement of technology has spurred the growth of China's battery industry, which not only provides high-performance, high-quality battery products to both domestic and international markets but also significantly contributes to the global energy transition and the development of a green, low-carbon economy.

While some analysts point out that the South Korean battery industry faces multiple headwinds, South Korean companies still have strengths and their own advantages. Both China and South Korea are experiencing competition as well as economic complementarity in the battery storage industry. By strengthening cooperation, the two countries can continue to enlarge the economic pie, explore new technological applications and open up new markets.

Chinese and South Korean battery manufacturers have significant potential to expand collaboration in various areas. By enhancing cooperation and fostering mutual investment, both parties may discover new business opportunities.

According to the Yonhap News Agency, BYD and EVE, two Chinese power battery manufacturers, participated in Inter Battery for the first time, attracting attention. This exhibition has provided a platform for global enterprises to enhance exchanges and cooperation. Constructive exchanges are necessary and can promote cooperation.

South Korea's three leading battery manufacturers, along with government officials, research institutions, and corporations from 13 countries, including the US, Japan, Chile and Brazil, participated in this exhibition.

According to Yonhap, South Korea's Minister of Trade, Industry, and Energy Ahn Duk-geun said during the opening ceremony of the Inter Battery event that during his visit to the US last week, he called on the US to provide a stable investment environment for South Korean companies.

Economic uncertainty triggered by US trade protectionism is likely to affect the global supply chain and the battery industry. It is precisely in these times of increasing uncertainty that cooperation becomes even more crucial. The industry exchanges facilitated by Inter Battery could present new opportunities for the sector. How to seize these opportunities and promote fair competition and free trade are issues that need to be considered by relevant parties.

The author is a reporter with the Global Times. [email protected]