(SEJONG=NEWSIS) The government will work with Samsung and LG to invest KRW 30 billion in research and development (R&D) for displays.

The Ministry of Trade, Industry & Energy (MOITE) signed a memorandum of understanding (MOU) with Samsung Display and LG Display to cooperate and invest in the development of core future display technologies on July 9 at the Renaissance Hotel in Seoul.

The purpose of the MOU is to nurture professionals to secure core future display technologies and create intellectual property (IP).

The government will invest KRW 30 billion to develop the source technology of future displays with Samsung Display and LG Display over five years.

The investment will focus on developing flexible and foldable displays and creating new process technology in the display sector, such as printed electronics.

"The MOU will not only boost the stagnant academic and research arena of displays but also build a new research system to respond preemptively to the future market,” said a MOTIE official.

“The government will proactively foster the display industry as an innovative industry, since displays are emerging as the core element in determining the performance and design of finished goods,” he said.

oj1001@newsis.com