Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Yoon lauds Samsung's massive investment plan in South Chungcheong Province
President Yoon Suk Yeol speaks during an investment announcement ceremony held at Samsung Display's factory in Asan, South Chungcheong Province, Tuesday. Joint Press Corps
By Lee Hyo-jin
Samsung Display to invest $3.1 billion in OLED plant by 2026
By Lee Hyo-jin
President Yoon Suk Yeol on Tuesday hailed Samsung Display's announced investment of 4.1 trillion won ($3.1 billion) in its manufacturing plant in Asan, South Chungcheong Province, by 2026, a move that is expected to create 26,000 jobs in the region.
The display-making affiliate of Samsung Electronics unveiled the investment plan aimed at ramping up production capacity of organic light-emitting diodes (OLED) used for tablets and laptops.
The completion of the 4.1 trillion won investment project will enable the company to secure the world's No. 1 production capacity of IT OLED panels.
Samsung Display also seeks to launch various programs to support its subcontractors through joint technology development, manufacturing innovation and advance payments to raise the competitiveness of local materials, parts and equipment companies.
Yoon, who attended an announcement ceremony at the display maker's factory, lauded the firm's project alignment with his administration's comprehensive plan to bolster private investments in the nation's future growth engines.
Also attending the event were Industry Minister Lee Chang-yang, South Chungcheong Province Governor Kim Tae-heum, Samsung Electronics Chairman Lee Jae-yong and Samsung Display CEO Choi Joo-sun.
“Today's signing off on the new massive investment plan is a new leap forward for the nation's display industry. In order to achieve innovation and growth, there should be bold investments in value-added industries such as high-tech sectors,” Yoon said.
The government viewed that the mega-investment will help revitalize the economy in the region by creating 26,000 jobs and spurring sales of material, parts and equipment businesses.
Stressing that display and semiconductors are leading sectors of innovation in the IT industry, the president lauded that Tuesday's announcement by Samsung is the first visible progress in the government's comprehensive plan to promote cutting-edge industries.
On March 15, the Yoon administration unveiled a long-term plan to draw 550 trillion won in investments by 2026 for six high-tech industries, with more than half ― 340 trillion won ― earmarked for semiconductors, 62 trillion won for displays, 39 trillion won for rechargeable batteries, 13 trillion won for bio, 95 trillion won for future mobility and 1.7 trillion won for robots.
Regarding regional development, the president vowed that the government will “spare no efforts” to support the growth in Asan of next-generation display and mobility industries, the two key industries promoted by the city.
Yoon noted that additional private investments of a total 52 trillion won will be made in the future in the province's Cheonan, Asan and Asan's Onyang neighborhood centered on secondary cell and semiconductor packaging industries.
Samsung Electronics Chairman Lee Jae-yong speaks during an investment announcement ceremony held at Samsung Display's factory in Asan, South Chungcheong Province, Tuesday. Joint Press Corps
In his speech, Chairman Lee said, “Here in Asan, Samsung will lead the new future of the display industry that nobody has reached yet.”
He also noted that the 4.1 trillion won is part of the 60 trillion won investment the conglomerate has vowed to make in rural areas. In March, Samsung announced that it will invest a combined 60.1 trillion won in the Chungcheong, Gyeongsang and Jeolla provinces over the next decade to support balanced regional development.
Minister Lee, for his part, vowed that his ministry will fully support Samsung's efforts by resolving regulatory difficulties it may face. He highlighted that the project will lay the groundwork for balanced development between regions while helping Korea achieve its goal of becoming the world's No. 1 display powerhouse by 2027.