ⓒYONHAP News

Accompanied by his deputy prime minister for economy and other key aides, President Moon Jae-in visited an event at Samsung Display's factory.

As Samsung Group heir Lee Jae-yong announced his 13-point-one trillion won, or around eleven billion dollar, investment plan, Moon expressed hope that Korea's high-tech industries will become independent from Japanese parts and materials.

"Today, an MOU will be signed between Samsung Display and parts and material SMEs. This will provide an opportunity for Korea to gain independence in the production of key parts and materials for displays, which are highly reliant on a particular country."

Samsung has been in trouble due to Japan's decision in July to apply stricter export controls on high-tech materials essential in the production of semiconductors and displays.

But Japan is not the only risk factor for Korean electronics companies. Profit margins have been falling for liquid crystal display(LCD) panels due to cheaper Chinese products.

"Green Optics, a small- and medium-sized enterprise which [succeeded in domestically producing] key materials for displays through cooperation with Samsung Display, is a good example of gaining independence in the production of key parts and materials as well as promoting cooperation between large companies and SMEs."

"Today's investment deals will be a starting point for keeping the competitiveness of the world's number one display manufacturer and securing self-reliance in the production of key parts and materials for [South Korea] to become an undisputed power house in the display market."

Moon's symbolic visit to Samsung Display came on the 99th day since Japan's decision to apply stricter export controls on key tech materials to South Korea.

Samsung Display will upgrade its LCD production lines to quantum dot displays, which luminate closer to natural colors.

Samsung's rival LG Display will also invest three trillion won for its OLED production line, boosting its premium display production.