-Agreement for mutual cooperation signed between LG.PhilipsLCD and the City of Paju

On July 7, LG.PhilipsLCD held a ceremony in commemoration of warehousing production equipment at its site in the Paju LCD Industrial Complex. The company will soon complete installation and commission of the warehoused equipment.

The ceremony was carried out in the order of the signing of the agreement for mutual cooperation between the company and the City of Paju, a wishing-well rite, the opening of the Guesthouse and congratulatory dinner. The ceremony was attended by 250 people, including the company Vice Chairman Koo Bon-joon, Gyeonggi Governor Sohn Han-kyu, National Assembly members Lee Jae-chang and Kim Young-sun, Paju Mayor Yoo Hwa-sun.

For the 500,000-pyeong (=1.65 million m²) industrial complex in Paju, the provincial office completed the relevant procedure, including approval of the implementation plan, in a year, an unprecedentedly short period of time, after the signing of the MOU for investment between LG.PhilipsLCD and the City of Paju in February 2003, making all necessary preparations, including access roads. The factory is scheduled to be completed in the first half of 2006.

Korea has stayed on the top in the world’s TFT-LCD market in terms of market share (41.9%) for five straight years. Commencement of operation of the LG.PhilipsLCD?s factory in Paju, which will complete the IT-LCD belt linking Paju, Suwon and Pyeongtaek, will strengthen the nation’s international competitiveness further.

At present, about 40% of the nation’s LCD manufacturers are in Gyeonggi Province. With LG.PhilipsLCD’s commencement of production of its seventh-generation LCDs in early next year, the province will be the No.1 TFT-LCD production site in the world.

In connection with the completion of LG.PhilipsLCD’s factory early next year, the provincial office expects to see the increase of $10.7 billion in annual exports and creation of 35,000 jobs in the area of the province which used to lag behind in economic development