(Unofficial translation)

Fellow Koreans and residents of Chungcheongnam-do Province,

Today, Samsung Display and the Government of Chungcheongnam-do are to sign an agreement on a new 13.1 trillion-won investment in next-generation display panels.

Samsung Display has made a bold investment decision, making its commitment to maintaining a commanding lead in the global display market by reshaping the industry around OLED display panels. The local government has reciprocated with a promise to build infrastructure and improve residential conditions.

Today’s agreement signing ceremony is all the more meaningful as it appears to coincide with the 10th anniversary of “Display Day,” which was celebrated last Monday. 

I am grateful to Samsung Electronics Vice Chairman Lee Jae-yong, Samsung Display President & CEO Lee Dong-hoon and Chungcheongnam-do Governor Yang Seung-jo for having brought the public good news. I also appreciate business leaders, universities, research institutions and other relevant officials for joining today’s ceremony.

Fellow Koreans, 

Korea’s display industry started with the manufacture of cathode-ray tube monochrome TVs in 1966 and underwent a complete transformation with the emergence of flat panel displays such as LCDs at the dawn of the 2000s. 

Thanks to bold investments made at that time – after an early reading of the changing trends then pushing LCD panels to the center of the global display market – Korea was able to secure the world’s largest market share.

Korea’s display industry is currently taking on yet another challenge and staying ahead in the global market. Just as LCD latecomers are fiercely catching up and unit prices continue to plunge due to global oversupply, our display industry has succeeded in shifting flagship products to high value-added OLED. Decisive investments made in the budding stage of OLED market formation made it possible for Korea to set an astounding global market share record of 96 percent in 2018. 

It is important for us to now hold on to our No. 1 position with a game changer in the global display market. Prospects have brightened considerably with Samsung Display’s announcement today to make this new investment following LG Display’s July announcement of its plan to invest 3 trillion won in large OLED panels.

I would like to express my respect and appreciation to local companies for leading changes by grasping global market trends in a timely manner. 

The display industry’s potential knows no bounds. Global OLED demand is projected to double by 2024, compared to the US$23.2 billion recorded last year. It is a rapidly-growing blue ocean market.

The industry is also a key sector in the Fourth Industrial Revolution. Displays are essential components for smart phones and TVs, and their convergence with other industries provides it a linchpin.

An MOU on mutually beneficial cooperation will be signed today between Samsung Display and SMEs with regard to materials, components and equipment. It will serve as a crucial opportunity for our country to become self-sufficient in key display-related materials, components and equipment that are now highly dependent on specific countries.

Green Optics, an SME that succeeded in localizing the production of key display equipment through cooperation with Samsung Display, is an excellent case study for achieving self-sufficiency in key components and equipment as well as win-win cooperation between large businesses and SMEs.

Today’s signing ceremony for a new investment will be the starting point for Korea to emerge as a display manufacturing powerhouse, achieving self-sufficiency in core materials, components and equipment while maintaining a globally unmatched competitiveness in displays that no country can ever challenge. 

The Government supports Samsung Display boldly taking on a challenge and will stand behind local businesses’ efforts through policies aimed at facilitating innovation in the display industry.

First, we will boldly assist the development of next-generation display technology.

Just a moment ago, I watched a demonstration of the latest products, such as foldable, rollable and stretchable displays. I saw what had once been possible only in science-fiction films come true before my eyes.

Building upon our country’s No. 1 ranking in OLED competitiveness worldwide, we have to secure early dominance of the global market for next-generation displays. To this end, over the next seven years, the Government will allocate a massive total of 400 billion won to help develop next-generation display technology. I hope that this will pump-prime private investments further. 

Second, the Government will expand support for materials, components and equipment businesses and establish models for mutually beneficial cooperation, thereby innovating the display industry ecosystem.  

In Cheonan, Chungcheongnam-do, the Government will also establish a test bed for innovative display manufacturing processes to demonstrate and evaluate new technologies developed by materials, components and equipment businesses so that they can be quickly commercialized. 

We will also increase support for developing key components for OLED manufacturing equipment. We will provide full support for joint development between large manufacturers of displays and the SMEs that produce related materials and components and other forms of mutually beneficial cooperation. 

Third, we will focus on nurturing display-related professionals. 

The Government will help foster around 2,000 researchers and relevant workers for next-generation displays over the next four years in order to maintain Korea’s top spot in global competitiveness. We will also provide customized protection for technical professionals at SMEs and mid-market companies.     

Fellow Koreans and Chungcheongnam-do residents, 

The display industry is the basis of innovation in our manufacturing. Such groundbreaking products as the recently launched Galaxy Fold would never have seen the light of day if it had not been for the competitiveness of our displays. 

We already possess the experience and confidence needed to reach the top globally by reading changing trends and making bold investments even amid difficult circumstances.  

If we can once more dominate the next-generation display market early on and shift the market paradigm, we will be able to firmly hold onto our No. 1 position in the global display industry. 

With this new investment by Samsung today, Chungcheongnam-do will also be able to take a new leap forward. Today’s event will be of great help for the regional economy and job creation as well as for Chungcheongnam-do becoming the center of innovative growth. 

Joining the people in congratulating you on the new investment in displays, I hope that the Republic of Korea’s economy starts to regain its vitality from Chungcheongnam-do and continues to grow going forward.   

Thank you.