The new president of Merck Korea, an affiliate of one of the world’s largest biotechnology and chemical firms, said at his inauguration event Monday that his company would invest more in the organic light-emitting diode business in Korea.

“Technological development takes place so fast in Korea. That is the reason why we are here doing business rather than any other places,” said Michael Grund, the newly appointed president of the chemical firm.

The 45-year-old president said the firm “will enforce the OLED business,” but declined to elaborate on how much investment the Germany-based company would make in Korea and on any plans to establish partnerships with local firms.

The new president of the Merck affiliate reportedly had a meeting with Kim Ki-nam, the president of Samsung Display, on his visit to the headquarters of the Korean tech giant in Gangnam earlier this month. The two discussed strengthening cooperation in OLED technology such as flexible displays.

Merck has maintained business relationships with big firms in the display sector such as Samsung Display and LG Display.

The new president and his predecessor Juergen Koenig have paid visits to Korean conglomerates in major sectors such as biotechnology and pharmaceuticals where the chemical firm is also doing business.

“We would like to maintain a long, successful relationship, not only today but also in the future with partners. Merck will make efforts to explore new technology development,” Grund said.

The firm said it would also continue to conduct research and development in the LED business as OLED technology will not immediately replace LEDs.

By Kim Young-won  (wone0102@heraldcorp.com)