The government and the Chungcheong region's 202 trillion won high-tech industry investment plan took its first step toward full-scale execution, initiated by Samsung Display's 67 trillion won investment.

On the 1st, Chungnam Province held a ceremony at the provincial office conference hall to sign a ‘Chungnam High-Tech Industry Investment Memorandum of Understanding (MOU)’ with Samsung Display, Asan City, Korea Electric Power Corporation (KEPCO), and Korea Water Resources Corporation (K-water).

Participants in this agreement included Governor Park Su-hyun, Samsung Display CEO Lee Chung, Samsung Electronics President Park Seung-hee, Asan Mayor Oh Se-hyun, KEPCO Power Grid Headquarters Head Kim Jae-gun, and K-water Geum River Basin Headquarters Head Lee Jong-shik.

According to the agreement, each organization decided to closely cooperate on administrative and infrastructure support to ensure that Samsung Display's corporate investment within Asan City proceeds smoothly and swiftly.

Samsung Display will step-by-step invest a total of 67 trillion won, centered around Asan, for the construction of organic light-emitting diode (OLED) and next-generation display production lines.

As a first step, 650 billion won will be injected into a 99,141-square-meter site within the Asan Display City 2 General Industrial Complex by June 2028 to build a new production line.

The provincial government and Asan City will undertake administrative and financial support so that the investment plan is implemented without a hitch, while KEPCO and K-water cooperate to supply stable electricity and industrial water necessary for large-scale high-tech industry investment.

Since the launch of the 9th popular election, the provincial government has been promoting the so-called ‘three-power innovation’ encompassing electricity, water resources, and manpower to back high-tech industry investments.

Composing the ‘Chungnam Advanced Strategic Industry Great Leap Forward Task Force (TF)’ involving the administrative governor as the head, provincial and municipal offices, enterprises, and related institutions, a system supporting the entire investment process is in operation. This includes designating dedicated officials for each company, operating a direct telephone hotline, and rapidly processing permits.

Using Samsung Display's investment as momentum, the province plans to induce additional investments and clustering of related companies such as materials, parts, and equipment suppliers, leading to regional industrial ecosystem expansion, job creation, and regional economic revitalization.

In addition, the province plans to strengthen cooperation with companies and related institutions so that subsequent high-tech industry investments planned in Chungnam, such as Samsung Electronics, Samsung SDI, and SK, are swiftly implemented.

This investment is a follow-up achievement of the high-tech industry investment plan announced by the government and the Chungcheong region last July. It holds significance as an achievement where Chungnam proactively prepared corporate investment and industrial foundation expansion in line with the government's high-tech industry fostering stance.

In particular, it is expected to further strengthen Chungnam's industrial competitiveness, which has led the global display market in fields such as organic light-emitting diode (OLED) and next-generation displays, and contribute to maintaining ultra-gap competitiveness.

Governor Park stated that this 67 trillion won investment by Samsung Display is a signal flare announcing a new leap for Chungnam's high-tech industry. He emphasized that all capabilities will be concentrated to further strengthen the ultra-gap competitiveness of next-generation display industries including organic light-emitting diode (OLED) and allow South Korea to continue leading the global high-tech display market.

He further stressed that beyond creating an environment where companies find it easy to invest, the province will back them up all the way until corporate investment decisions lead to actual investment and success. Through electricity, water resources, and manpower three-power innovation and high-speed administration, planned high-tech industry investments such as Samsung Electronics, Samsung SDI, and SK will be swiftly pursued to make Chungnam the center of South Korea's high-tech industry.

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