LG Innotek recently announced that the company has entered a MoU (Memorandum of Understanding) with the government of Gumi city, North Gyeongsang Province, the Yonhap News reported on July 6. LG Innotek is currently one of camera module suppliers for Apple's iPhones. Pursuant to the agreement, the company will invest an additional of 1.4 trillion Won (US$1.09 Billion; US$1= 1,277 Won) to expand its production lines for camera modules at its Gumi premises by the end of 2023. On top of that, a new manufacturing line to produce high-end semiconductor packaging solutions, called FC-BGA (Flip Chip-Bill Grid Array), will also be set up at the same premises. Shipment volume of 5G iPhones is estimated to grow by around 20% year-on-year to 200 million units in 2022, according to MIC (Market Intelligence & Consulting Institute). MIC also predicts that global 5G smartphone shipments will top around 710 million units this year with the penetration rate of around 52.2%. Taiwanese smartphone shipments account for around 26% of the global total in 2022. Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of leading IT research institutes in Taiwan.