Samsung Display CEO Choi Joo-sun, newly appointed as the president of the Korea Display Industry Association, speaks to reporters before the general meeting of KDIA in Seoul on Thursday. (Yonhap)

South Korea will take back its sales lead in the global display market by 2027 with its technological edge, Samsung Display CEO Choi Joo-sun said Thursday upon his appointment as the new head of the Korea Display Industry Association.

Choi vowed to boost the Korean industry's standing on the global stage through close collaboration with the government during his three-year term.

"The Chinese government is spending a huge sum of money to foster its domestic display panel industry. So I think Korean display makers are on an uneven playing field," Choi told reporters before the general meeting of the association.

"I believe we are about a year or a year and a half ahead of China in terms of technological advancement. But the gap is indeed narrowing. The Korean display industry must continue to invest in research and development and raise the ‘hit ratio’ to attract more customers and markets."

On the market prospect, Choi noted that Chinese rivals are starting to understand the limitations of lower-priced LCD panels, and are seen eyeing the more advanced OLED market.

“How fast Chinese firms transfer to OLED panels and the growing market volume would have impacts, but the government and our industry players are confident that Korea will take back the No. 1 position by 2027."

As of 2022, China accounts for about 65 percent of global display production, mostly producing cheaper LCDs, according to market tracker DSCC. Korea, an OLED powerhouse, is the distant No. 2 with a 12 percent share of the total market. When it comes to OLED alone, Korea’s market share stands at 55 percent.

Choi offered a positive outlook for Korean display makers, citing the wider OLED adoption among smaller devices, a burgeoning market that requires higher technological prowess.

“It will take more time for the OLED market for IT gadgets to grow to match the size of that for smartphones. But the market is surely expected to show an upward trend,” Choi said.

Industry watchers say Choi will play a key role in mediating close collaboration between the display industry and the government.

In May last year, the Ministry of Trade, Industry and Energy announced support measures to boost the display industry, including tax credits, eased regulations and an investment of over 1 trillion won ($760,000) in research and development.

Local display makers have also pledged to invest 65 trillion won in advanced technologies over the next five years.