Samsung Display kicks off W67tr investment in South Chungcheong Province

Samsung Display has launched a 67 trillion won ($48.7 billion) investment in South Chungcheong Province, firing the opening shot in a 202 trillion won advanced-industry investment plan announced by the government and the Chungcheong region.

South Chungcheong Province signed a "Chungcheong Advanced Industry Investment MOU" with Samsung Display, Asan, Korea Electric Power Corporation and Korea Water Resources Corporation at the provincial government building Tuesday.

Provincial Governor Park Soo-hyun attended the signing alongside Samsung Display CEO Lee Cheong, Samsung Electronics President Park Seung-hee, Asan Mayor Oh Se-hyeon, Korea Electric Power Corporation Grid Division Head Kim Jae-gun and Korea Water Resources Corporation Geum River Basin Head Lee Jong-sik.

Under the agreement, the parties will work closely to provide administrative and infrastructure support to ensure Samsung Display's investment in Asan proceeds smoothly and swiftly.

Samsung Display plans to invest a total of 67 trillion won in stages, centered on Asan, to build OLED and next-generation display production lines.

As a first step, the company will pour 650 billion won into constructing a new production line on a 99,141-square-meter site within the Asan Display City 2 general industrial complex by June 2028.

South Chungcheong Province and Asan will provide administrative and fiscal support to ensure the investment plan is carried out without disruption, while Korea Electric Power Corporation and Korea Water Resources Corporation will cooperate to supply the stable electricity and water that large-scale advanced-industry investment requires.

Since the launch of its ninth elected-term administration, the province has been pursuing what it calls "three-power innovation" — covering electricity, water and human resources — to underpin advanced-industry investment.

The province has established a dedicated task force for the "Great Leap in Chungcheong Advanced Strategic Industries," led by the administrative vice governor and drawing in provincial and municipal governments, companies and related agencies. It has also put in place a system to support every stage of investment, including the designation of dedicated civil servants for each company, a direct hotline and fast-track permitting.

The province plans to use Samsung Display's investment as a springboard to attract additional investment and clustering from materials, components and equipment companies, and to support the expansion of the regional industrial ecosystem, job creation and economic revitalization.

The province also intends to strengthen cooperation with companies and related agencies to accelerate the subsequent advanced-industry investments planned for South Chungcheong Province by Samsung Electronics, Samsung SDI and SK Group.

The investment follows through on the advanced-industry investment plan announced by the government and the Chungcheong region in July, and is significant in that South Chungcheong Province proactively prepared for corporate investment and industrial infrastructure expansion in line with the government's push to foster advanced industries.

The investment is expected to further sharpen the province's industrial competitiveness in OLED and next-generation displays — sectors in which South Chungcheong Province has long led the global market — and help it maintain an overwhelming competitive edge.

"Samsung Display's 67 trillion won investment is the starting gun for a new leap forward in South Chungcheong Province's advanced industries," Governor Park said. "We will concentrate all our capabilities on further strengthening the overwhelming competitiveness of next-generation display industries, including OLED, so that South Korea can continue to lead the global advanced display market."

He added that the province would "go beyond creating a business-friendly environment and provide support all the way through until investment decisions translate into actual investment and success," and pledged to "swiftly advance the advanced-industry investments planned by Samsung Electronics, Samsung SDI and SK Group through three-power innovation in electricity, water and human resources, and lightning-fast administration, making South Chungcheong Province the heart of South Korea's advanced industries."