HONGSEONG — Samsung Display has taken its first step toward a 67 trillion won ($48.5 billion) investment in Asan, South Chungcheong Province, in line with the 202 trillion won advanced industry investment plan announced by the central government and the Chungcheong region.
South Chungcheong Province said it signed a memorandum of understanding on advanced industry investment with Samsung Display, Asan City, KEPCO and Korea Water Resources Corporation at the provincial government's main conference room on the 1st. Attendees included South Chungcheong Governor Park Soo-hyun, Samsung Display CEO Lee Cheong, Samsung Electronics President Park Seung-hee, Asan Mayor Oh Se-hyun, KEPCO Power Grid Division head Kim Jae-gun and Korea Water Resources Corporation Geum River Basin Division head Lee Jong-sik.
Samsung Display will invest a total of 67 trillion won in phases, centered on Asan, to build organic light-emitting diode (OLED) and next-generation display production lines.
In the first phase, the company will build a new production line by June 2028 on a 99,141-square-meter site inside the Asan Display City 2 general industrial complex.
The province and Asan City will provide administrative and financial support to ensure the investment plan proceeds without delay. KEPCO and Korea Water Resources Corporation agreed to cooperate on securing a stable supply of electricity and water for the large-scale advanced industry investment.
Since the start of the ninth popularly elected provincial administration, the province has set up a task force for a major leap in advanced strategic industries, headed by the administrative vice governor and involving the province, cities and counties, companies and related agencies. The task force operates a support system covering the entire investment process, including dedicated officials assigned to each company, a direct hotline and expedited permit processing.
"Samsung Display's 67 trillion won investment is a signal flare announcing a new leap for advanced industry in South Chungcheong," Park said. "Through innovation in the three areas of power, water and workforce, and through fast-track administration, we will help Samsung Electronics, Samsung SDI, SK and others swiftly carry out their planned advanced industry investments and make South Chungcheong the center of advanced industry in South Korea."
