Monday, 19 November, 2018

Samsung to open 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 Samsung to open world's largest smartphone factory in India
Oscar Goodwin | 10 July, 2018, 08:09

The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. The new facility is spread over 35 acres in Noida's Sector 81.

South Korean President Moon Jae-in's trip to India will help create the next largest market for his country, Seoul's trade minister said on Monday (July 9), calling India the next China for South Korea, Yonhap news agency reported.

Looking back at how Samsung started operations in India, it was in 1997 that the company initiated churning out televisions which were followed by refrigerator production in 2003. A commitment to local manufacturing will no doubt go a long way for Samsung, which now ranks as the number two smartphone maker in the country, behind Xiaomi.

"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.

Modi said the new factory would generate jobs in Uttar Pradesh, an impoverished state of roughly 220 million where his Bharatiya Janata Party won a crucial election past year.

The 35-acre Samsung Electronics facility in Noida sector 81 was added in 2005, and in June previous year, the South Korean giant had announced Rs 4,915 crore investment to expand the Noida plant to double the production.

Samsung factory is key to India-Korea relations, stated Modi.

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. Clearly there's untapped potential in the market, and coupled with the fact India is now the world's fastest growing market, Samsung spotted an opportunity. "India today is the second bigger manufacturer of mobile phones".

"India is now second in terms of phone manufacturing".

The Noida factory, which was set up in 1996, is one of the first global electronics manufacturing facilities set up in India. In just about an year of the announcement, Samsung's Noida plant is all-ready to double production. 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.

Yogi Adityanath, Uttar Pradesh chief minister said that the state government has provided all necessary support to Samsung in establishing the new facility.

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