The firm said it has been manufacturing mobile phones in India since 2007, and has also been populating Printed Circuit Boards (PCBs) since its inception, in line with the Centre's phased manufacturing programme. Out of 120 mobile factories, 50 are in Noida only. "At this new plant, 1,000 more people will get jobs", Modi said.
Korean technology giant Samsung on Monday inaugurated the world's largest mobile phone factory at its Noida facility, providing a fillip to the Narendra Modi government's efforts to promote manufacturing in the country, and also signalling its intent to take on Chinese counterparts, which have been dominating the Indian market.
The two sides signed a joint statement on Early Harvest Package of the upgraded Comprehensive Economic Partnership Agreement (CEPA), the external affairs ministry said on Tuesday. Around 300 government officials of both countries and top brass of Samsung attended the event.
Bilateral relations between India and South Korea, officially known as the Republic of Korea, were established in 1962 and upgraded to Ambassador-level in 1973.
"Whenever I talk to business community representatives, I always mention one thing that I don't think there is a middle-class home in India where a Korean product is not found", he added. I am delighted that Korean companies are taking part in this fast-paced India.
He said the "Make in India" initiative is not just an economic policy measure, but also a resolve of better ties with friendly nations such as South Korea. This is benefiting medium and small entrepreneurs. "The launch of BHIM app in other countries and RuPay cards will help in Indian empowerment as well as boost Make in India project", Modi added.
The new factory will help Samsung to double its current capacity for mobile phones in Noida to an annual 120 million units after the phased expansion plan is complete, the company said in a statement.
"Samsung is a world leader in technology today".
India is a country with a population of 1.3 billion people, and yet there are only 425 million smartphone users.
Thrust areas include Internet of Things (IOT), Artificial Intelligence (AI), Big Data, Smart Factory, 3D printing, electric vehicles, advance materials and affordable healthcare for the elderly and disabled. That leaves about 875 million people who could buy their first smartphone sometime within the next few years. "We are aligned with government policies and will continue to seek their support to achieve our dream of making India a global export hub for mobile phones", H C Hong, Chief Executive Officer, Samsung India, said.
Joined by Indian Prime Minister Narendra Modi, Moon touted the Korean tech titan's cooperation with local businesses.
Samsung started doing business in India in 1995 and began mass producing TVs at the Noida factory in the following year.