Samsung’s biggest factory will be inaugurated in India today

Samsung’s biggest factory will be inaugurated in India today

Speaking on the occasion, Korean President Moon Jae In said Korean companies are taking part in the fast-paced growth of India and plant like the Samsung factory will create more jobs for Indian people.

The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018.

Inaugurating the new facility, spread over 129,000 sq metres at Sector 81, Modi said Samsung will export 30 per cent of the handsets made at the factory to other markets.

The mobile phone plant can produce almost 12 crore mobile phones every year, and will create 15,000 job opportunities. Out of a population of 1.3 billion, India has now only 425 million smartphone users. "Mobile manufacturing in India has been [riding] on the shoulders of Chinese brands of late, but the expansion of a brand like Samsung will send a very positive message across the globe". Out of 120 mobile factories, 50 are in Noida only.

'It's a move that'll obviously play well for Samsung but it also gives a much-needed shot in the arm to India's mobile manufacturing ecosystem as it will push rivals to consider expanding local production, ' said Navkendar Singh, an associate research director at International Data Corporation. "The investment reaffirms Samsungs commitment to Make- in-India and Make-for-India and to the state of Uttar Pradesh", Samsung India had stated in a statement. Clearly there's untapped potential in the market, and coupled with the fact India is now the world's fastest growing market, Samsung spotted an opportunity.

Modi will be pleased with the opening too because he has been encouraging firms to set up factories in the country in order to boost domestic manufacturing.

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Trump's nominee must be confirmed by the Senate, where Republicans hold a narrow 51- to 49-seat majority. The White House hoped to keep the details under wraps until he rolls out his pick from the East Room.

The South Korean President is on a three-day visit to India, having arrived in New Delhi on Sunday evening.

"Whenever I talk to business community representatives I always mention one thing - that I don't think there is a middle class home in India where a Korean product is not found", he added.

The South Korean company hasn't given any details but has confirmed it began producing crypto mining chips in January.

In June 2017, Samsung had announced an investment of ₹4,915 crore to add capacity at the Noida plant, under the Uttar Pradesh government's Mega Policy.

Samsung is being viewed as perfectly positioned now to take full advantage of India's rapidly growing demand for smartphones.

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