Samsung opens world's largest smartphone factory in India
10 July 2018, 03:25 | Megan Pierce
Noida now has the largest mobile factory in the world
India and South Korea signed 11 agreements, including in the areas of trade, cultural and scientific and technological cooperation, during the visit of South Korean President Moon Jae-in to India. He added the Samsung unit will export its products globally.
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 new plant will employ 1000 more people", he said. "The best part is that the company will export 30 per cent of the handsets made here to other markets", he said.
South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi were in attendance for the opening ceremony of the facility.
Prabhu and his South Korean counterpart Kim Hyun-Chong signed the joint statement on the Early Harvest package-issues where a breakthrough was achieved-in the India-Korea Comprehensive Economic Partnership Agreement (CEPA) upgradation, said PTI quoting an official statement. The South Korean president said he eagerly awaits Modi's visit to Korea.
The Korean electronics company, which was once the market leader in India, has ceded its share to Chinese firms such as Xiaomi in the smartphone segment and Reliance Jio in the feature phone segment.
The new updated and enhanced facility will also manufacture refrigerators and flat panel televisions, and help Samsung to make further inroads into the electronics market of India. "This Rs 50 bn deal will not only make Samsung's business relations with India strong but also strengthen India's ties with South Korea". This is benefiting medium and small entrepreneurs. He also said that digital transactions are increasing day by day due to the use of RuPay Card and BHIM App.
With the new unit, Samsung is doubling its current capacity for mobile phones in Noida from 68 million units a year to 120 million units a year, in a phase-wise expansion that will be completed by 2020.
India is a country with a population of 1.3 billion people, and yet there are only 425 million smartphone users. That leaves about 875 million people who could buy their first smartphone sometime within the next few years.
President Moon will be formally received by India's President Ram Nath Kovind on Tuesday before holding talks with Modi in the Indian capital.
Yogi Adityanath, Uttar Pradesh chief minister said that the state government has provided all necessary support to Samsung in establishing the new facility.
A DMRC spokesman said the leaders boarded a Metro train at Mandi House station at around 4:36 pm and travelled up to Botanical Garden station on the Blue Line.
President Moon also addressed the India-Korea business forum and visited Gandhi Smriti with Prime Minister Modi yesterday.
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