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South Korean President Moon Jae-in (left) and Samsung Electronics Vice Chairman Lee Jae-yong attend a signing ceremony for an agreement for new investment and symbiotic cooperation at a Samsung Display factory in Asan

On Oct. 10, Moon Jae-in visited a Samsung facility for the third time since his inauguration as president of South Korea. With Moon in attendance, Samsung Electronics Vice Chairman Lee Jae-yong unveiled a plan to invest 13.1 trillion won (US$11.02 billion) in next-generation displays. This was the ninth time that Moon had met Lee at an official event. Moon and Lee’s frequent meetings appear to reflect the South Korean government’s desperate need to expand investment because of the economic slowdown and the fact that Samsung’s semiconductor and display sectors have been targeted by Japan’s export controls.

“Samsung Display has decided to make a bold investment as part of its determination to maintain its overwhelming lead in the global market as the display industry is reorganized around OLED [organic light-emitting diode] technology,” Moon said while attending a signing ceremony for an agreement for new investment and symbiotic cooperation at a Samsung Display factory in Asan, South Chungcheong Province, on Oct. 10. Moon also expressed his gratitude for the “good news” to Lee Jae-yong, as well as Samsung Display CEO Lee Dong-hoon and South Chungcheong Province Governor Yang Seung-jo.

“I would like to express my respect and appreciation for South Korean companies, which have pioneered changes thanks to their timely perception of trends in the global market,” Moon added, while mentioning LG Display’s announcement of 3 trillion won (US$2.52 billion) in large OLED technology this past July.

Previously, Moon visited a Samsung semiconductor factory in Hwasong in April, as well as the ribbon-cutting at a Samsung smartphone factory in Noida, India, in July 2018. This latest visit means that Moon has now toured smartphone, semiconductor, and display facilities, representing all of Samsung Electronics’ three key business areas.

Moon also stressed that symbiotic cooperation between South Korea’s big chaebols and their smaller suppliers was necessary to counter Japan’s export controls. “Today, an MOU for symbiotic cooperation was signed between Samsung Display and SMEs in the areas of parts, materials, and equipment. Displays will serve as an important opportunity for our country to achieve self-sufficiency in key materials, parts, and equipment,” the president said. Moon also promised that the government would allocate 400 billion won (US$336.44 million) for research and development over the next seven years and would support the hiring of 2,000 research and manufacturing workers over the next four years.

“We will fulfill our company’s mission of giving hopes and dreams to young Korean people and creating new jobs by investing more than 13 trillion won [US$10.93 billion] in large displays, a key area of next-generation technology. We will not forget that sharing and growing together — a message always emphasized by the president — is the path toward becoming the best in the world. We will take the lead in building a nation in which everyone prospers together through symbiosis and cooperation with SMEs and through the formation of a healthy ecosystem in the display industry,” Lee said.

The Blue House stressed that Moon’s visit was unrelated to Lee’s ongoing trial on charges of bribery and embezzlement. “The trial is something else altogether. Since the government isn’t exerting its influence on that, we didn’t even take [the fact that Lee is being tried] into consideration. We planned this event to stir up enthusiasm for revitalizing the economy,” said a senior official at the Blue House.

Following the signing ceremony, Moon had lunch with business figures from South Chungcheong Province and announced an “innovative strategy for new shipping and fishing industries.”

By Lee Wan, staff reporter

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