Modi says India well on way to becoming global manufacturing hub

Modi says India well on way to becoming global manufacturing hub

Modi says India well on way to becoming global manufacturing hub

"India today is the second bigger manufacturer of mobile phones".

Launched in the presence of Modi and South Korean President Moon Jae-in who took the Metro to reach the facility, the plant will help Samsung India double its annual mobile production capacity to 120 million units by 2020.

South Korea's President Moon Jae-in speacks during the inauguration of the world's largest mobile factory at the Samsung India electronics private limited in Noida on July 9, 2018. The facility is spread over 35 acres.

India overtook the United States past year to become the world's second-largest smartphone market after China. "I have been told that this unit will be the company's largest manufacturing unit".

Samsung Electronics, the South Korean maker of Galaxy smartphones, said it is opening the world's largest mobile phone manufacturing facility on the outskirts of the Indian capital, as smartphone demand in the country surges.

The facility is expected to help Samsung build more cheap phones to make gains in India, a market dominated by the likes of Xiaomi and Lenovo's Motorola unit.

"The visit to India and Singapore by the head of state marks a move towards launching the New Southern Policy in earnest", Mr Kim Hyun-chong told reporters, referring to President Moon's key foreign policy that seeks to greatly enhance the country's relationship with India and 10 members of the Association of South-east Asian Nations (Asean). He spoke of the expansion of smartphones, broadband and data connectivity, which he described as signs of a digital revolution in India.

'We "Make in India", "Make for India" and now, we will "Make for the World",' H C Hong, Chief Executive Officer at Samsung India said in the statement.

"Samsung's small and mid-sized suppliers can leverage the opportunity and create more jobs for Indians...2,000 new jobs will be generated in this plant", Mr Moon said, adding the Korean government will provide all necessary support in this journey.

"We invite trusted global brands like Samsung to be a part of the new Indian business culture", Modi said.

The South Korean electronics giant had a year ago announced a fresh investment of Rs 4,915 crore to expand the existing plant by another 35 acres. "The best part is that the company will export 30 per cent of the handsets made here to other markets", he said. It will be officially inaugrated today by India's Prime Minister Narendra Modi and South Korean President Moon.

There has been an upswing in India's defence cooperation with South Korea and both sides are expected to explore ways to enhance it.

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