Samsung opens world's largest smartphone factory in India

Samsung Sets up Worlds Largest Mobile Factory in Noida PC IANSSamsung Sets up Worlds Largest Mobile Factory in Noida PC IANS

Prime Minister Narendra Modi and South Korean President Moon Jae-in jointly inaugurated Samsung Centre, the world's largest mobile phone factory in Noida.

President Moon Jae-in on Monday focused on highlighting the potential presented by South Korea-India ties.

Earlier, South Korean President Moon, who is on a three-day visit to India, addressed at the India-Korea business forum and visited Gandhi Smriti with Prime Minister Modi. Xiaomi is now India's largest smartphone brand in terms of shipments, and the new facility will give Samsung the chance to better compete with its Chinese rival.

Samsung has set-up this factory to tap into the lucrative and fast growing smartphone market in India.

He said the plant and what it represents for the two countries will go down in the history of bilateral relations of India and Korea.

Established in 1995, Samsung India laid the foundation stone of Noida plant next year. "The new plant will employ 1000 more people", he said.

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Today Samsung is opening what it describes as the world's biggest mobile phone manufacturing facility.

Samsung India also launched its "Make for the World" initiative, whereby it aims to export mobile handsets produced in India, to overseas markets.

The move led to a series of apparent economic retaliations from China, the world's single largest importer of South Korean goods, which inevitably left a crippling dent on the Korean economy, from which many Koreans believe the country has yet to fully recover. "If our two countries can pool our efforts to succeed in lunar exploration, we will bring much hopes and dreams to our people", he said.

Moon also lauded young and enterprising Indians and also the country's software prowess, and noted Korea's strength is in commercial technology and hardware. "The completion of the factory was made possible by the cooperation of the Indian government and the government of Uttar Pradesh", he said. India is a big opportunity across price segments, including 2G feature phones. The smartphone market remained flat year-on-year, according to Counterpoint. Out of 120 mobile factories, 50 are in Noida only.

The Noida manufacturing plant is Samsung's second major production zone in India alongside its Sriperumbudur facility. "This will [also] help the ecosystem and auxiliary industries grow as they will have demand to be met", he added.

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.

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