Seoul, Sep 23 (IANS): South Korea's industry ministry on Wednesday approved Samsung Display Co's bid to penetrate deeper into the quantum-dot industry and break away from traditional liquid-crystal display (LCD) products.

South Korea stood as the world's top player in the global display industry in 2019, but the country nevertheless has been facing hurdles amid the intensifying competition with Chinese players, which have narrowed their gap with local firms in terms of LCDs and organic light-emitting diode (OLED) displays.

The latest decision will pave the way for Samsung Display to penetrate deeper into the quantum dot display market, the ministry added.

Under the country's special act on the corporate revitalization, the government reviews corporate restructurings to offer them better relevant procedures while easing regulations, reports Yonhap news agency.

It marked the first time in more than three years for a conglomerate arm to win the approval from the ministry.

During the latest review, the ministry approved business restructuring of 15 companies, also including eco-friendly automobile firms, which are anticipated to create 2,500 more jobs and invest $1.28 billion over the next five years.