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.
Spread across 35-acres at Sector-18 in Noida, the new plant will be producing smartphones along with refrigerators and television sets. Expansion, which will be fully complete in 2020, is expected to almost double Noida (New Okhla Industrial Development Authority), India's current phone producing capabilities from 68- to 120 million phones per year. Over 30 per cent of the production at Samsung's Noida manufacturing facility will be exported.
Number of factories making mobile phone and its components have grown from just 2 to 120, with about 50 present in Noida alone, he said. "Being one of the oldest manufacturers in India, the latest step to expand the facility may work to its advantage, say experts". "Apart from this, the company can also bring in export opportunity for Samsung to SAARC and other regions", Pathak told IANS.
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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. The company is hoping to tap into the lower manufacturing costs there as it pushes its presence in the fastest-growing mobile phone market, according to Reuters.
Samsung, he said, had an R&D hub in India and now has a manufacturing base too.
It's also expected to help Samsung better compete with rivals like China's Xiaomi, which became India's biggest smartphone brand by shipments earlier this year. 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.
Moon said South Korea wished to participate in the Indian infrastructural projects, including the government's plan to build 100 smart cities and construct an industrial corridor linking the major cities. "This will [also] help the ecosystem and auxiliary industries grow as they will have demand to be met", he added. 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.