The investment plan was announced at a meeting held between technology companies and Minister of Trade, Industry and Energy, Paik Un-kyu.
Samsung is planning to invest 21.4 trillion won (about $19 billion) by 2021 in memory chips and OLED displays while SK Hynix is planning to spend 15.5 trillion won (about $13.75 billion) by 2024 on NAND flash memory fabs. LG Display expects to spend a similar amount to build OLED display factories by 2024.
Minister Paik was quoyed saying said the South Korean government would help companies struggling to afford to pay the minimum wage, which in 2018 is set to increase by 16.4 percent to 7,530 won per hour (about €5.60 or $6.70 per hour).
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