The South Korean government on Wednesday signed an agreement with two leading local manufacturers of display panels to jointly develop advanced technologies with 30 billion won ($29.6 million) of investment over the next five years.

Under the agreement signed with Samsung Display and LG Display, the three parties will concentrate on indigenous technologies for display panels for future markets, according to the Ministry of Trade, Industry and Energy, a shift from a focus on products for swift commercialization.

Display panels are one of the country’s top export items with over $12.2 billion worth of liquefied crystal displays shipped overseas in the first half of the year, accounting for nearly 4.3 percent of the country’s overall exports during the period. (Yonhap)