Industry

PM Modi Will Inaugurate World’s Largest Smartphone Factory in Noida!

PM Modi Will Inaugurate World’s Largest Smartphone Factory in Noida!

In an interview with Indian media conducted before his departure on Sunday, Moon said that he places "immense importance" in cooperation with India, and that Modi's Act East Policy and his New Southern Policy are in tune with each other. "India has become number 2 in mobile phone manufacturing".

Speaking on the occasion, the South Korean President said the new Samsung unit will provide jobs to local people.

Moon will hold talks with Modi on Tuesday during his four-day visit, which India expects would open new avenues for expanding the bilateral partnership, particularly in the economic domain.

It is also a shot in the arm for Modi's flagship "Make in India" campaign which is trying to attract foreign investment and drum up much-needed jobs in manufacturing.

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 35-acre facility will reduce time to market and give Samsung more elbow room to export to neighboring regions - ultimately giving Samsung a leg up on its competitors.

"Our Noida factory, the world's largest mobile factory, is a symbol of Samsung's strong commitment to India, and a shining example of the success of the Government's "Make in India" program", Samsung India CEO HC Hong said in a release tied to the news.

Established in 1995, Samsung India laid the foundation stone of Noida plant next year. More than 120 local factories now assemble mobile phones and accessories like chargers, batteries, powerbanks and earphones in India, according to tech research firm Counterpoint.

The foundation stone of the Noida plant was laid by Samsung in 1996.

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.

"Samsung is a world leader in technology today". In photos tweeted by PM Modi, the two leaders were seen chatting on the metro, the Akshardham temple visible in the window behind them.

In a press briefing last week, Moon's top economic aide Kim Hyun-chul further commented that Moon hopes to take Korea-India relations to a new level.

Mr. Modi pointed out that India is heading towards a digital revolution and now, 40 crore people are using smartphones in the country.