Prime Minister Narendra Modi on Monday along with South Korean President Moon Jae-in inaugurated world's largest smartphone factory in Uttar Pradesh. The new facility is spread across an area of over 140,000 square meters.
"It is a matter of pride for India and Uttar Pradesh". "It makes sense for Samsung to build a bigger manufacturing base here", Jaipal Singh, Senior Market Analyst, IDC, told IANS.
Samsung Electronics has opened what it is calling the world's largest mobile phone manufacturing facility. "If our two countries can pool our efforts to succeed in lunar exploration, we will bring much hopes and dreams to our people", he said.
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.
While Modi's flagship "Make in India" campaign is still a long way from delivering on ambitious job promises, the programme has had some success with the phased manufacturing of mobile devices and components.
Samsung has played a key role in generating employment in India with over 70,000 people.
Modi will be pleased with the opening too because he has been encouraging firms to set up factories in the country in order to boost domestic manufacturing.
"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.
For instance, South Korea will work to expand the market presence of its carmakers in Indonesia, the largest auto market in Southeast Asia, where Japanese vehicles now take up 98.6 percent of the market, while Korean cars take up only about 0.1 per cent, according to Mr Kim.
The South Korean company hasn't given any details but has confirmed it began producing crypto mining chips in January.
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"I am committed to raise relations with India to the level of those with our four major powers around the Korean peninsula", Moon said, adding that this commitment was embodied in his new southern policy outlined a year ago.
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 USA, as he sought to expand cooperation in areas such as shipbuilding, aerospace, manufacture of medical devices and food processing. Transactions worth Rs 410 bn have been done through BHIM app in June alone. He also said that digital transactions are increasing day by day due to the use of RuPay Card and BHIM App.
"Samsung's global R&D hub is in India".
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.
The foundation stone of the Noida plant was laid by Samsung in 1996. Another picture tweeted by the PMO showed them at the Yamuna Bank metro station.
The dignitaries boarded a train on the Blue Line route connecting Dwarka to Noida City Centre around 4:30 pm at the Mandi House station and alighted at the Botanical Garden station around 5 pm.
Moon, who was on his first visit to India since being elected president previous year, sought an expansion of trade and economic ties with India.
"I feel proud as an Indian today". Currently, it's manufacturing 67 million smartphones.