Samsung opens world’s biggest smartphone factory in India

Samsung opens world’s biggest smartphone factory in India

President Moon Jae-in and Samsung Electronics Vice Chairman Lee Jae-yong took part in a ceremony celebrating the expansion of a smartphone factory in Noida, south of the Indian capital of New Delhi on Monday. The two leaders will also address the India-South Korea CEOs roundtable. "Whenever I talk to business community representatives, I always encourage them to manufacture in India". The South Korean president said he eagerly awaits Modi's visit to Korea.

The new factory was made possible thanks to the state government's Mega Plan, under which Samsung had announced an investment of more than $700 million a year ago to expand the pre-existing Noida plant.

The South Korean president noted India's plans to make smart cities and industrial corridors in the country and said his country wanted to participate in these projects given its experience in building such cities back home. This is benefiting medium and small entrepreneurs. Transactions worth Rs 410 bn have been done through BHIM app in June alone. He also said that digital transactions are increasing day by day due to the use of RuPay Card and BHIM App.

The facility will help Samsung double its current capacity for mobile phones in Noida to 12 crore units a year, in a phase-wise expansion that will be completed by 2020.

"The visit to India and Singapore by the head of state marks a move towards launching the New Southern Policy in earnest", Mr Kim Hyun-chong told reporters, referring to President Moon's key foreign policy that seeks to greatly enhance the country's relationship with India and 10 members of the Association of South-east Asian Nations (Asean).

Thrust areas include Internet of Things (IOT), Artificial Intelligence (AI), Big Data, Smart Factory, 3D printing, electric vehicles, advance materials and affordable healthcare for the elderly and disabled.

Earlier this year, China's Xiaomi displaced Samsung from the No. 1 smartphone spot in the country, breaking its long-held dominance.

It is reason for cheer that not only have South Korean companies have invested in India but also have joined hands with our Make In India program and have created employment in India: Prime Minister Modi at joint press statement with South Korean President Moon Jae-in.

The new factory is on the site of a previous Samsung facility originally opened in 1995.

He also said that in order to boost cultural co-operation, various steps like visa-on-arrival will be implemented in order to reduce the inconveniences experienced by people travelling between the two countries. Another picture tweeted by the PMO showed them at the Yamuna Bank metro station.

"I feel proud as an Indian today".

With Modi having introduced a tax on the import of certain smartphone components into India, it makes a great deal of financial sense for Samsung to produce its handsets within the country.

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