President Moon Jae-in has welcomed the decision by Samsung Display to invest, especially the prospect of making parts and materials locally.
He spoke at a celebratory event earlier today at a Samsung Display factory in Chungcheongnam-do Province.
He described the investment as the start of making South Korea's display industry unbeatable.
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"Today's investment agreement ceremony is the starting point of making our key parts, materials and equipment sector independent. We are now on our way to becoming a display and manufacturing powerhouse that no one can challenge, while staying number one in the world. The government will support Samsung Display's bold challenge and join with companies in their efforts to innovate."
President Moon went on to say that government efforts will include injecting more than 334 million dollars into the sector over the next seven years.
It will also give its full support to the development of key parts used in OLED equipment and boost exchanges of parts and materials between smaller companies.