Samsung's smartphone chief Koh Dong-jin told The Korea Herald on Sunday before his departure for India, "The fourth-quarter figure was largely seasonal, and we will do better starting the second quarter of this year". Hence, the new factory will double their production.
Samsung Electronics opened the world's largest mobile phone manufacturing plant by production capacity in India yesterday, taking the fight to its rivals in the burgeoning smartphone market in the country. Following this, the South Korean president met Prime Minister Narendra Modi at Delhi's Hyderabad House, where the two leaders held bilateral talks.
According to analysts, it is a win-win situation for both Samsung and India.
He also said that the two countries agreed to expand their economic, diplomatic and security cooperation.
PM at the launch also pointed it out that Samsung has provided employment to almost 70,000 people, and the new plant will provide jobs to 1000 more. They were on their way to Noida.
India played an important and positive role in Korean affairs after the latter's independence in 1945. 35,000 new jobs would be generated due to this new factory.
In June 2017, Samsung had announced an investment of ₹4,915 crore to add capacity at the Noida plant, under the Uttar Pradesh government's Mega Policy.
Within India, Samsung runs two factories, five research and development centers and one design center.
The new Samsung plant in Noida will provide 1,000 more jobs directly.
Samsung is opening up the world's largest smartphone factory in India.
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. We "Make in India", "Make for India" and now, we will "Make for the World". Praising the success of the Make in India Initiative PM further said that this step would lend pace to Make-in-India besides empowering citizens. During the same time-frame, Xiaomi's share increased to 31.1 per cent from 13.1 per cent.
India is a country with a population of 1.3 billion people, and yet there are only 425 million smartphone users.
Prime Minister Modi and the South Korean President Moon Jae-in are now delivering a joint press statement at the Hyderabad house.
"India is now second in terms of phone manufacturing". He added the Samsung unit will export its products globally.
The Indian Express reported on May 21 that the government's proposed framework includes efforts to improve the ease of doing business for electronic manufacturers and address concerns such as cost of financing, logistics, and bringing the entire supply chain ecosystem of production to India.