Samsung’s biggest factory will be inaugurated in India today

Samsung’s biggest factory will be inaugurated in India today

Samsung’s biggest factory will be inaugurated in India today

Chinese smartphone maker Xiaomi Corp. said in April it will set up three more factories in India.

South Korean conglomerate Samsung Electronics Monday inaugurated what it said is the world's largest mobile factory that will have a capacity of 120 million handsets a year - almost double the current 68 million - under a phased expansion by 2020.

Prime Minister Narendra Modi and South Korean President Moon Jae-in on Monday inaugurated Samsung's phone factory in Uttar Pradesh's Noida, dubbed as the "world's largest mobile factory".

As of now, Samsung has two manufacturing units in India: Besides Noida, they have a unit in Sriperumbudur, Tamil Nadu and 5 research and development centres.

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.

Mobile manufacturing was added in 2005.

"We are aligned with government policies and will continue to seek their support to achieve our dream of making India a global export hub for mobile phones", Hong said.

"This INR50-billion investment will not only strengthen Samsung's business ties in India, it will also play a key role in India-Korea relations", Modi said in a speech at the inauguration of the plant.

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India is a country with a population of 1.3 billion people, and yet there are only 425 million smartphone users.

Samsung, he said, had an R&D hub in India and now has a manufacturing base too.

Last June, Samsung announced an investment of ₹4,915 crore to add new capacity at the Noida plant.

Samsung is expected to create 15,000 jobs through the new manufacturing unit.

President Moon is set to hold a bilateral summit with Indian Prime Minister Narendra Modi on Tuesday, followed by a meeting with Indian President Ram Nath Kovind and a state dinner to be hosted by his Indian counterpart.

"Though we may have opened the doors to the markets with the Korea-Asean free trade agreement and Korea-India Comprehensive Economic Partnership Agreement, there may be difficulties in supplying our companies' products unless there is an adequate distribution network in those markets", he said.

CNN-News18 (formerly known as CNN-IBN) has been the world's window to India and India's window to the world. "India and Korea have complementary strengths and both the countries will be helpful to each other in every way".

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