In pictures: Modi, South Korea President inaugurate world's largest mobile phone factory in India
'This 50 billion-rupee investment will not only strengthen Samsung's business ties in India, it will also play a key role in India-Korea relations,' Modi said
World's largest mobile phone manufacuring factory
Samsung has opened the world's largest mobile phone manufacturing plant in Noida near the Indian capital New Delhi. The factory is part of its plans to expand production in the world's fastest-growing major mobile phone market. (Text inputs from Reuters)
India-Korea bhai bhai
Samsung's factory was inaugurated Monday by Indian Prime Minister Narendra Modi and South Korean President Moon Jae-in. The two took a metro train ride to the factory. The factory is expected to help Samsung compete more effectively with rivals such as China's Xiaomi, which became India's biggest smartphone brand by shipments earlier this year.
Key role in India-Korea relations
'This 50 billion-rupee investment will not only strengthen Samsung's business ties in India, it will also play a key role in India-Korea relations,' Modi said.
Samsung said last year it would spend 49.2 billion rupees ($716.57 million) over three years to expand capacity at its Noida plant. The new factory will help Samsung double its current capacity in Noida to an annual 120 million units after the phased expansion plan is complete. In photo: South Korean President Moon Jae In.
After Galaxy, what is next?
India, the world's second-biggest smartphone market and home to more than a billion wireless subscribers, is a big opportunity for Samsung where sluggish smartphone earnings growth has fuelled concerns that its mobile business is running out of ideas to underpin sales of its premium Galaxy devices.
Make in India, Make for India, Make for World
Samsung, which has been assembling phones in India since 2007, also plans to export India-made handsets. 'We 'Make in India', 'Make for India' and now, we will 'Make for the World', HC Hong, Chief Executive Officer at Samsung India, said in the statement.
Tariffs that lead to jobs?
Prime Minister Narendra Modi's government has imposed taxes on imports of key smartphone components as part of a plan to encourage electronics manufacturing in India which would boost growth and create millions of new jobs.
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. More than 120 local factories currently assemble mobile phones and accessories like chargers, batteries, powerbanks and earphones in India, according to tech research firm Counterpoint. In photo: Modi, Moon, and UP Chief Minister Yogi Adityanath.