South Korean President Moon Jae-in, who arrived in New Delhi on Sunday on a three-day state visit to India, will inaugurate tech giant Samsung's 35-acre facility in Noida on Monday. Thirty per cent of the mobiles made in Noida are to be exported.
"It is a matter of pride for India and Uttar Pradesh".
Built in 1996, the Noida factory was one of the first global electronics manufacturing facilities established in India, according to the firm. He added the Samsung unit will export its products globally. "2,000 new jobs will be generated in this plant", he said.
"For Samsung, India is among the top five smartphone markets globally".
According to a statement from Samsung, the factory will help almost double its output of mobile devices in India from 68 million units a year to a whopping 120 million units a year.
Samsung has also been populating printed circuit boards (PCB) right from its inception, whereas its Chinese rivals have started the PCB assembly just after the Indian government imposed a 10% duty on imports of populated printed circuit boards (PCBs), camera modules and connectors, making the imports of the components expensive while giving a stimulus to local manufacturing under its Make in India program.
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Prabhu and his South Korean counterpart Kim Hyun-Chong signed the joint statement on the Early Harvest package-issues where a breakthrough was achieved-in the India-Korea Comprehensive Economic Partnership Agreement (CEPA) upgradation, said PTI quoting an official statement.
Samsung is expected to create 15,000 jobs through the new manufacturing unit.
Uttar Pradesh Chief Minister Adityanath said India and South Korea have a strong trade and cultural relationship and invited new ventures to invest in the state.
"'GeM' means Government e-Market, through this, Govt is now directly buying from producers". This has also brought transparency. In 2017, Samsung announced a fresh investment of Rs 4,915 crore for the development of the plant.
Samsung has also faced growing concerns about the health of its mobile business, as the unit continues to see less-than-stellar profit growth.
The prime minister said India has 40 crore smartphones in use and 32 crore people using the broadband internet. They will also visit a Samsung plant in Noida. Both the leaders took a metro ride to reach Samsung mobile factory with the PMO tweeting a picture of the two leaders travelling on Delhi Metro.