South Korea to lift India ties on par with China, US, Japan

10 July, 2018, 08:09 | Author: Darren Santiago
  • Narendra Modi

Prime Minister Narendra Modi and visiting South Korean President Moon Jae-in today inaugurated Samsung's largest mobile phone manufacturing facility at Sector 81 in Noida, Uttar Pradesh.

"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.

Uttar Pradesh Chief Minister Adityanath said India and South Korea have a strong trade and cultural relationship and invited new ventures to invest in the state. The manufacturing plant was jointly inaugurated by India's PM Narendra Modi along with South Korean President Moon Jae-in.

"India is witnessing dynamic development", Moon said, adding that his country would contribute actively to the "Make in India" policy aimed at boosting Indian manufacturing. The South Korean President, who is on a four-day visit to India, was accompanied by first lady Kim Jung-sook, senior members of his cabinet, officials as well as industry captains. The Samsung's new unit is also expected to create employment for more than 5000 people.

In 1997, the plant started manufacturing televisions, and in 2003, expanded to manufacturing refrigerators.

Samsung has also faced growing concerns about the health of its mobile business, as the unit continues to see less-than-stellar profit growth.

The 35 acre-mobile factory located on the outskirts of New Delhi is said to be the world's largest.

Currently, Samsung manufactures over 60 million smartphones annually in India and with the new plant, it is expected to manufacture almost 120 million mobile phones.

Speaking on the new investment, a Samsung official had said that the latest investment in Noida plant would double the production capacity of smartphones. Prime Minister Modi is credited with starting the "Made in India" initiative, which is attracting overseas investors including Xiaomi and fellow smartphone-maker Oppo. Samsung is a long-term partner of India. More than 10 percent of its total production now takes place in India - but that figure could rise to 50 percent within the next three years if everything goes to plan. Today, Samsung is the market leader across mobile segments. Another picture tweeted by the PMO showed them at the Yamuna Bank metro station.

This is President Moon's first-ever state visit to India after he took over as the President past year.

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

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