Samsung Electronics Vice Chairman Lee Jae-yong, far left, President Moon Jae-in, fourth from left, and Indian Prime Minister Narendra Modi, fourth from right, are some of the attendees of the tape-cutting event. "I have been told that this unit will be the company's largest manufacturing unit. We agreed to expand high-level consultations between the two governments", President Moon said.
South Korean President Moon Jae-in on Monday said he was committed to raising South Korea's relations with India to the level of those with China, Japan, Russia and the United States, as he sought to expand cooperation in areas such as shipbuilding, aerospace, manufacture of medical devices and food processing. You have given employment to around 70,000 people directly, out of which around 5,000 are here in Noida.
Speaking on the new investment, a Samsung official had said that the latest investment in Noida plant would double the production capacity of smartphones.
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 a long-term partner of India.
"The Noida factory now produces 68 million smartphones a year and the annual production volume will grow to as much as 120 million by the end of 2020, when the factory goes into full operation", said a Samsung spokesman.
The more than 500 Korean companies operating in India were mostly concentrating in the automobiles, electronics and textiles "but going forward, we will expand cooperation to various areas, including shipbuilding, medical devices and food processing", Moon said.
In order to boost people-to-people relations and travel between the two countries, India extended the visa-on-arrival (VoA) facility for South Korean tourists in April 2014.
The PM added the number of manufacturing factories in mobiles had gone up to 120 from just two since 2014. During the same time-frame, Xiaomi's share increased to 31.1 per cent from 13.1 per cent. He spoke of the expansion of smartphones, broadband and data connectivity, which he described as signs of a digital revolution in India.
Prime Minister Modi and the South Korean President Moon Jae-in are now delivering a joint press statement at the Hyderabad house.
The bigger plant will aid Samsung in meeting the "growing demand" for its products in India, as well as its goal of 'making India an export hub for the world, ' the firm noted.
While Modi's flagship "Make in India" campaign is still a long way from delivering on ambitious job promises, the program has had some success with the phased manufacturing of mobile devices and components.