LG.Philips LCD, a global leader in the flat-screen display market, broke ground for what is said to be the world's biggest TFT-LCD complex in Paju, north of Seoul.
By 2005, LG.Philips LCD, a joint venture between Dutch group Philips NV and LG Electronics Inc. and the Gyeonggi Provincial Government, plan to complete infrastructure, such as industrial water and electricity systems and roads.
Starting in the second half of 2006, the company will be able to mass-produce thin film transistor-liquid crystal display (TFT-LCD) panels in the first production line of the Paju plant, according to officials.
The ground-breaking ceremony was attended by 1,500 government and company officials, including Acting President Goh Kun, Gov. Sohn Hak-kyu of Gyeonggi Province, Commerce Minister Lee Hee-beom, and Koo Bon-moo, chairman of LG Electronics.
Under the agreement with the Gyeonggi government, LG.Philips LCD is to build the 1.65-million-sq-mr complex, which officials said will serve as a hub of worldwide LCD shipments.
The company plans to invest 25 trillion won (approx. U.S. $21.55 billion) over the next 10 years and the complex is expected to generate about 25,000 jobs, officials said.
"The Paju complex will develop into the 'core site' of TFT-LCD, where foreigners can invest and R&D will be active," said Koo Bon-jun, vice chairman of LG Electronics.
Worldwide demand for TFT-LCD panels is surging as customers are increasingly hoping to replace their display equipment, such as televisions and computer monitors, with slimmer models. Analysts predict tremendous market potential as the panels will be used for next-generation digital equipment, including mobile phones, large-size TVs and notebook PCs. LG.Philips LCD took up the largest share of the TFT-LCD market with 21 percent last year. (Yonhap)
to Daily News