Samsung opens the world's biggest smartphone facility in India

Samsung opens the world's biggest smartphone facility in India

PM Modi, India's Prime Minister will today inaugurated World's largest smartphone factory in Noida.

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.

"I have hopes to raise Korea-India relations to that with the four major powers surrounding Korea to match India's global standing", Moon said.

PM Narendra Modi with South Korean President Moon Jae-in take a ride on the Delhi Metro on Monday. "Samsung's small and mid-sized suppliers can leverage the opportunity and create more jobs for Indians...2,000 new jobs will be generated in this plant", Mr Moon said, adding the Korean government will provide all necessary support in this journey.

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Trade minister Suresh Prabhu invited Korean investment in areas such as manufacturing, services, agriculture and food processing, stating that India was looking at setting up a special economic zone for Korean companies alone.

He stressed that over one crore mobile phones would be manufactured in the new Samsung facility, which will give a boost to the country's economy, adding that with the help of South Korea's technological expertise and India's manufacturing expertise, both the countries' economies would be empowered. "Altogether, over 400,000 people are working in those units and Samsung is spearheading this with a workforce of 70,000 people".

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. Prime Minister Modi is credited with starting the "Made in India" initiative, which is attracting overseas investors including Xiaomi and fellow smartphone-maker Oppo.

This week Samsung is opening what it's calling the world's largest mobile phone factory in the the world's second largest smartphone market.

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Speaking on the new investment, a Samsung official had said that the latest investment in Noida plant would double the production capacity of smartphones.

It's also expected to help Samsung better compete with rivals like China's Xiaomi, which became India's biggest smartphone brand by shipments earlier this year. Today, Samsung is the market leader across mobile segments.

Moon, who was on his first visit to India since being elected president previous year, sought an expansion of trade and economic ties with India.

There are 1.3 billion people in India, but its estimated that only 425 million people own smartphones.

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