(LEAD) Yoon visits Samsung Display campus to hail new investment plan

All News 19:34 April 04, 2023

(ATTN: ADDS more details in last 2 paras)

SEOUL, April 4 (Yonhap) -- President Yoon Suk Yeol visited the Asan campus of Samsung Display Co. on Tuesday to celebrate a new large-scale investment deal between the company, and materials, parts and equipment makers, his office said.

Samsung Display, the display panel making unit of Samsung Electronics Co., held a ceremony at its campus in Asan, 87 kilometers south of Seoul, to announce its decision to invest 4.1 trillion won (US$3.1 billion) in upgrading production lines for organic light-emitting diode (OLED) panels for tablets, laptops and other IT devices by 2026.

The company also announced plans to boost the competitiveness of domestic makers of display materials, parts and equipment by running programs for joint technology development, production innovation and early payment for orders.

Yoon said the investment plan paves the way for a "new leap" for the display industry and promised to help the OLED sector maintain its No. 1 position in the global market by expanding incentives for investment, and supporting research and development for OLED technology upgrades.

Tuesday's ceremony marked the first realization of the government's plan to attract over 550 trillion won worth of private sector investments in six core cutting-edge industries by 2026, the presidential office said.

Samsung's investment plan is part of its earlier decision in March this year to invest 60 trillion won in its plants in central and southern parts of the country.

The tech giant's spending may help enhance the country's display sector and came amid severe competition from foreign rivals, such as China. In 2021, South Korea lost its top position in the display segment to China.