Samsung Electronics’ unit Samsung Display is planning to invest 4.1 trillion won ($3.14 billion) until 2026 in Asan, South Korea to make advanced organic light-emitting diode (OLED) display panels used in tablets and computers, the trade ministry said on Tuesday.
The investment is part of a previously-announced plan by Samsung Electronics and affiliates to invest 60.1 trillion won in the next 10 years in regions outside the capital, Seoul.
Meanwhile, sales of smartphones in South Korea fell 6 per cent last year from a year earlier amid an economic slowdown, industry data showed on Monday.
Samsung Electronics, the world’s leading smartphone maker, saw its smartphone sales decline 2 per cent on-year in its home country in 2022, while sales of Apple’s iPhone inched down 0.4 per cent from a year ago, market analyst firm Counterpoint Research said without providing any further details on sales volumes.
Sales of other players tumbled 71 per cent on-year last year due to a base effect stemming from LG Electronics’ exit from the mobile business in 2021.
Samsung Electronics’ Galaxy S22 Ultra was the bestselling smartphone model last year, followed by the Galaxy Z Flip 4, Galaxy S22 5G and iPhone 13.
The combined sales of 10 top-selling smartphone models accounted for 46 percent of the total sales last year, down 7 percentage points from a year ago.
“Lingering economic uncertainties will drag down demand for budget smartphones this year,” Shin Kyung-hwan, an analyst from Counterpoint Research, said. “Apple’s iPhone 14 Pro and iPhone 14 Pro Max will lead the local smartphone market in the first quarter.”
In related news, Samsung India on Tuesday announced it has partnered the Ministry of Electronics and Information Technology (MeitY) Startup Hub and Foundation for Innovation and Technology Transfer (FITT), IIT Delhi, for the second season of its national education and innovation competition.
Called ‘Samsung Solve for Tomorrow,’ the programme invites youth in age group 16-22 to apply with their innovative ideas around education and learning, environment and sustainability, health and wellness and diversity and inclusion.
The top three teams will win Rs 1.5 crore to turn their ideas into action while others participants who reach top 30 and top 10 will be rewarded at various stages of the programme.
(With inputs from IANS and Reuters)
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