Samsung Display has agreed to invest around eleven billion U.S. dollars into its next-generation display business until 2025, to secure South Korea's position as the global leader in displays.
An event was held at a Samsung Display factory in Chungcheongnam-do Province, to celebrate this major investment.
"As we promised, we will create jobs and bring hopes and dreams to our young people by investing more than 10.9 billion U.S. dollars into next-generation large displays."
Welcoming the announcement, President Moon described it as the starting point of strengthening South Korea's display industry, into one that no country will dare to challenge.
"Today's event 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 maintaining our number one spot in the world."
President Moon vowed that the government will support Samsung's bold challenge through its own efforts.
That includes injecting more than 334-million dollars into the industry over the next seven years.
The President also reassured the public that local display manufacturers will no longer fall under the whim of Japan's export curbs on key high-tech materials.
"People must be concerned over the recent export curbs because certain parts, materials, and equipment in the display sector are reliant on particular countries. Can they stop worrying now?"
"Yes, there is no need to worry We will make sure to boost our competence in displays so that no one can challenge our dominance."
Also during his economic tour to Chungcheongnam-do Province, President Moon unveiled his plans to raise Korea's status in the oceans industry.
He vowed to actively nurture the marine-bio, marine tourism, eco-friendly ship, and ocean energy industries, expanding them into a 9-billion dollar market by 2030.
He also promised to support related startups, by cultivating 20 firms with sales of more than 83-million dollars by 2030.
Park Hee-jun, Arirang News.