First Vice Trade Minister Jang Young-jin disclosed the plan on January 18 after holding a meeting with representatives of Samsung Display, LG Display, and other companies making related materials, parts and equipment at the Korea Chamber of Commerce and Industry.
Jang said the policy financing is aimed at helping domestic display makers which have been in fierce competition with their Chinese counterparts since demand for display products began to decline last year after a pandemic-triggered boom.
He also said that his ministry will make concerted efforts to add technology for display-related materials, parts and equipment to the list of the nation’s “strategic technologies.”
Besides, Jang has promised to invest 211.5 billion won in research and development of display-related materials, parts and equipment technology this year so that local companies can keep a competitive edge over their Chinese rivals. Part of the money will also be used to create a new market for organic light emitting diodes (OLED) products.
Exports of display products decreased 1.1 percent year-on-year to $21.1 billion in 2022, according to official data. The trade ministry predicts that display exports will grow 1.5 percent to $21.5 billion this year, helped by rising demand for high-priced OLED products and automobile display products.
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