QR.bizNewsSamsung plant will enhance economy, boost India-Korea ties: PM Modi

Samsung plant will enhance economy, boost India-Korea ties: PM Modi

Samsung's Noida plant was set up in 1996 and is the first of two manufacturing units in India.

In 2005, the current mobile manufacturing unit was added, production began in 2007, and in 2012, when Samsung became the country's leading mobile manufacturer, the Noida facility rolled out the first-ever Samsung Galaxy S3 phone.

The country's Prime Minister Narendra Modi and South Korean President Moon Jae-in will visit the site later today to officially inaugurate Samsung's biggest mobile factory.

In India, Samsung is the number two smartphone maker, under Chinese manufacturer Xiaomi.

As Samsung can manufacture its full range of phones at this one facility, the company can react to the local market with the population now preferring phones costing below $250 due to levels of income.

The plant is spread over 129,000 square meters, or 35 acres.

The Prime Minister asserted that through this new mobile manufacturing facility, the combination of Korean technology, and Indian manufacturing and software support would provide excellent products for the world. He said it is a matter of pride that India is home to the world's largest Samsung unit.

Underlining that the new facility will boost the Centre's Make in India initiative, he said, "The development of this factory will help in speeding the Make of India which is not just part of our economic policy but also a promise of good relations with countries like South Korea". Out of 120 mobile factories, 50 are in Noida only.

"It makes sense for Samsung to build a bigger manufacturing base here", Jaipal Singh, Senior Market Analyst, IDC, told IANS.

Announcing the investment past year, the South Korean giant said that it would position the Noida plant as a major production hub and create about 5,000 new jobs. The facility will manufacture 1 crore units per month with around 30% of the production will be exported to countries in Middle East and African region. The South Korean president then attended the opening ceremony of Samsung Electronics' plant in Noida, southeast of New Delhi.

Stating that Korean products can be found in nearly all middle-class homes, he said Samsung is a world leader in the smartphone market. Seoul's presidential office also said that Moon briefed Swaraj on the idea of "partnership for people, mutual prosperity and peace" that he plans to present to Indian Prime Minister Narendra Modi during their summit scheduled for Tuesday.

India now counts about 400 million smartphone users out of its population of 1.3 billion people, meaning there's still a vast amount of potential consumers to draw from, the Verge noted.

Setting stage for trade talks India South Korea launch biggest Samsung mobile factory

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