President Moon Jae-in has welcomed LG Energy Solution and SK Innovation's settlement to end their legal dispute.
Taking to social media Monday, he said the settlement is meaningful as it benefits both companies as well as South Korea as a whole.
He added that it shows local industrial giants can both compete and collaborate based on mutual trust.
The president said he hopes South Korea's EV battery industry becomes a global leader in the world's EV sector.
He also pledged the government will actively support them going forward.