Gov't to lower customs duties on eco-friendly energy products

SEOUL, Sept. 21 (Yonhap) -- South Korea will lower customs duties on eco-friendly
energy products this week to bolster efforts to promote the use of clean, usable
resources, the government said Monday.
The Ministry of Strategy and Finance said the measures, that go into effect on
Wednesday, call for a reduction of 50 percent in duties on 31 new products and
components.
The 31 products to benefit from the cuts are components used to harness solar
energy, wind power, futuristic hydrogen fuel cell and terrestrial heat, the
ministry said.
Despite efforts by Seoul, the percentage of clean and reusable energy used by the
country is low compared to many leading industrialized economies. To remedy this,
the government said late last year that it will spend 111.5 trillion won (US$92.4
billion) over the next two decades to develop hi-tech reusable energy
infrastructure and technology.
"Importers of eco-friendly products will pay 10.8 billion won less on customs
duties, which will help expand local use," a ministry official said.
The official added that if this sum is added to existing preferential duties
already in place for so-called green products, importers can save about 23
billion won worth of customs-related charges this year, up sharply from 13.5
billion won tallied for 2008.
The finance ministry, meanwhile, said 14 items have been taken off the
preferential customs duties list through the latest review, with the total
reaching 98 from 81 in the past.
yonngong@yna.co.kr
(END)