LG Display on Tuesday announced a plan to invest three trillion won in an organic light-emitting diode(OLED) panel facility in South Korea.

The South Korean display maker said that the funds will be spent on expanding its OLED panel factory just northwest of Seoul amid surging global demand for the panels.

LG Display has invested four-point-six trillion won in the factory since 2015, and the latest capital injection will likely increase the firm's monthly capacity to 45-thousand panels 65 inches or larger by the first half of 2023.

LG Display is the only manufacturer of OLED TV panels in the world.