President Yoon Suk-yeol visited Samsung Display’s Asan campus on Tuesday to celebrate a new large-scale investment deal between the company and other businesses that produce materials, parts and equipment for Samsung Display. Samsung Display announced it will invest $3.1 billion (4.1 trillion won) by 2026 to upgrade production lines for organic light-emitting diode (OLED) panels used in tablets and laptops.

Yoon promised to expand incentives for the private sector to invest in the country and support research and development to develop OLED technology to maintain South Korea’s leadership position in the global market. Samsung Display’s investment decision might help enhance the country’s display sector amid severe competition from foreign rivals, such as China.