South Korea has been in news recently for its anti curruption measures being held domestically in which many big companies like Samsung and LG are getting hit too.
But, here is the good news for LG Display Co. Ltd as South Korea’s trade ministry has informed that a government committee had approved LG Display Co Ltd’s plan to develop a new organic light-emitting diode (OLED) panel production unit in China. This facility will be built in Guangzhou.
LG had been waiting for this approval since last five months.
LG said it wants to invest in this unit to tap the fast-growing demand for the screens in TVs in overseas markets.
The South Korean ministry however said in a statement that the approval is conditional. LG Display has to increase the use of local materials and equipment, boost its subsequent investment in South Korea too.
An LG Display spokesperson have not comment anything so far.