Finance minister Choo Kyung-ho has underscored persisting uncertainties stemming from the U.S. Inflation Reduction Act(IRA), which currently excludes South Korean electric vehicle(EV) makers from U.S. tax credit.

At an economy-related ministers' meeting on Wednesday, Choo said that despite the concerns of South Korean EV makers being taken into account in the Act's subclauses, uncertainties remain over the state subsidy requirements and the scope of information required to be submitted.

The minister pledged to continue consultations with Washington and affected businesses to maximize their interests while minimizing difficulties they face in the U.S. market.

Choo also promised to revise the government's list of import-reliant key economy and security-related items for state monitoring determined in late 2021, in line with changes concerning supply chains and escalating competition in cutting-edge industries.

Aside from a contingency plan, the minister said the government will support parliamentary consideration for the enactment of a law on supply chains that secure economic security.