The import duties on Lithium Ion Batteries Ex. HS 8507.60.00 used in renewable energy systems for two years from 1 July 2023 will be removed.
This measure is intended to reduce the cost of the item.
The update comes from the Ministry of Trade and Industry.
It says Lithium Ion Batteries are vital in the powering of these renewable energy systems versus conventional batteries.
They utilize innovative technology, which allows for a more compact, lightweight, and effective alternative to conventional batteries and have a significantly longer performance time than other batteries before requiring a recharge.