Seoul: The government of South Korea has announced a significant investment plan, committing 484 billion won (approximately US$350 million) by the year 2032 to advance inorganic light-emitting diode (iLED) display technologies. This initiative aims to secure new growth opportunities for the local display sector, as stated by the industry ministry on Tuesday.

According to Yonhap News Agency, the substantial investment will focus on the development of various iLED technologies, including micro LED, quantum dot, and nano LED. The plan also aims to nurture the local industrial ecosystem associated with these technologies. The Ministry of Trade, Industry and Energy highlighted that iLED is considered a next-generation display technology, offering benefits such as improved lifespan, brightness, and power efficiency when compared to the currently prevalent organic light-emitting diode (OLED) displays.

The ministry acknowledged that while South Korea holds a leading position in the global OLED market, it faces challenges in the iLED sector due to a heavy reliance on foreign-made LED chips and materials. The global iLED market is projected to expand significantly, reaching $32 billion by 2035, up from an estimated $1 billion in 2026. The government's investment is seen as a strategic move to strengthen South Korea's position in this rapidly growing market.