Samsung Electronics Co., the South Korean maker of Galaxy phones, said it is opening the world's largest mobile phone manufacturing facility on the outskirts of the Indian capital, as smartphone demand surges.
Smartphone makers from Xiaomi Corp to Oppo Mobiles are building factories in the world's fastest growing market for the product bolstering Modi's push to encourage overseas investors to "Make in India".
He stressed that over one crore mobile phones would be manufactured in the new Samsung facility, which will give a boost to the country's economy, adding that with the help of South Korea's technological expertise and India's manufacturing expertise, both the countries' economies would be empowered.
"We invite trusted global brands like Samsung to be a part of the new Indian business culture", Modi said.More news: Trump says he's close to making final Supreme Court decision
Number of factories making mobile phone and its components have grown from just 2 to 120, with about 50 present in Noida alone, he said.
The decision by Samsung comes at a critical time for the South Korean electronics giant, which is facing a tough battle from Chinese competitors for the control of India's massive smartphone market. "The investment reaffirms Samsungs commitment to Make- in-India and Make-for-India and to the state of Uttar Pradesh", Samsung India had stated in a statement.
Right now, Samsung manufacturers 67 million smartphones in India.
The foundation stone of the Noida plant was laid by Samsung in 1996.
Modi was seen explaining finer points during the ride as eager commuters on stations waived and clicked pictures of the two leaders from their mobile phones. "They boarded the metro at Mandi House around 4.36 p.m. and travelled to Botanical Garden, leaving the station at 5.02 p.m.", said a Delhi Metro Rail Corporation (DMRC) official.
This is Moon's first-ever state visit to India after he took over as the President a year ago. Faisal Kawoosa, who leads new initiatives at researcher CMR Pvt, noted the country has a population of around 1.3 billion people but only 425 million are smartphone users.