South Korea's President Yoon Suk Yeol speaks during a ceremony of the 104th anniversary of the March 1st Independence Movement Day against Japanese colonial rule, in Seoul, March 1, 2023. (PHOTO / AP）

SEOUL - South Korean President Yoon Suk Yeol ordered on Monday a national strategy meeting to boost the competitiveness of the country's rechargeable battery and semiconductor sectors, a presidential spokesperson said.

The spokesperson did not provide further details, but the comment came a day before the country's central bank is widely expected to leave the interest rates steady for a second consecutive meeting on Tuesday to support the slowing economy.

South Korea's economy, heavily dependent on trade and chip exports, has been decelerating in the face of a weakening global economy. Local consumers are also holding back on spending after interest rate rises.

ALSO READ: South Korea to express concerns over Chips Act at US meetings

South Korean battery and chip shares rallied in early trade on Monday. LG Energy Solution shares were up 2.76 percent as of 2:36 pm (0536 GMT) compared to the wider KOSPI's 0.94 percent rise, while SK Hynix shares saw a 2.58 percent jump.