South Korean panel manufacturers plan to invest 65 trillion won in five years to promote technological innovation and return to the first place in the world.

According to the news of May 18, according to foreign media reports, thanks to Samsung display and LG display, South Korea has obvious advantages in terms of OLED panels for smartphones and televisions, but even so, their share in the global panel market is still not the highest and has been surpassed by domestic manufacturers in 2021.

However, from the latest foreign media reports, South Korean panel manufacturers also plan to invest heavily in the next five years to promote the development of the panel industry.

According to foreign media reports, a source from South Korea's Ministry of Industry, Trade and Resources said on Thursday local time that South Korean panel manufacturers, including Samsung display and LG display, will jointly invest more than 65 trillion won by 2027 to ensure technological innovation and return to No. 1 in the world.

According to the report, South Korean panel manufacturers plan to increase their share of the global panel market to more than 50% by 2027, up from 37% last year, by developing next-generation panel technology and expanding the OLED panel production line.

In addition to increasing market share, South Korean panel manufacturers also plan to increase the self-sufficiency rate of materials, components and equipment needed to produce panels to 80%, up from 65% last year.

South Korea's Ministry of Industry, Trade and Resources announced that it would invest heavily in panel manufacturers after meeting with panel executives, including Samsung display, LG display CTO, vice president of Samsung Electronics and executives from a number of other companies.

After entering the 21st century, South Korea's panel industry boomed and replaced Japan as the world's largest panel producer from 2004 to mid-2020.