Korea’s Ministry of Trade, Industry and Energy (MOTIE) recently announced plans of investing KRW 22 billion (US $21.5 million) to set up a OLED lighting industry support fund over a period of five years, according to a report by Korea IT News.

According to the article, Korea plans to promote development through the upstream and downstream OLED industry’s supply network and boost the industry’s global competitiveness. Extent of the project will cover OLED material, light sources, components and module systems.

To encourage commercialization of OLED products, the project also supports the testing and evaluation of OLED lighting technology and products.

Government funding for the project is likely to increase by 25 percent, depending on the number of manufacturers that participates, bringing the total finance to an estimated KRW 30 billion.

The “OLED lighting cluster establishment project” is scheduled for launch sometime in September 2014, with Gwanju as the most likely location for the project site.