The new Samsung factory will have the capacity to assemble 120 million smartphones per year, and make everything from low-end handsets that cost under US$100 to its flagship S9 model, according to the company.
Giving a thumbs up to his government's Make In India initiative, PM Modi said, "Make in India initiative is getting support from all across the world".
India's smartphone market grew 14 per cent with total shipments of 124 million units in 2017, the fastest pace of growth among the top 20 markets, according to International Data Corp. In just about an year of the announcement, Samsung's Noida plant is all-ready to double production.
Xiaomi is also building up its presence in India, where its cheaper devices have appealed to price-conscious consumers. Such is the importance of the factory, India's Prime Minister Narendra Modi and South Korean President Moon Jae-in will be in attendance to inaugurate it.
"Today is an important day in making India a manufacturing hub". The Samsung's new unit is also expected to create employment for more than 5000 people.
Samsung is expected to create 15,000 jobs through the new manufacturing unit.
Mr. Modi pointed out that India is heading towards a digital revolution and now, 40 crore people are using smartphones in the country.
He stressed that over one crore mobilephones 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.
'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 in a speech in Hindi at the inauguration of the plant.
The mobile phone plant can produce almost 12 crore mobile phones every year, and will create 15,000 job opportunities. "Being one of the oldest manufacturers in India, the latest step to expand the facility may work to its advantage, say experts".
The more than 500 Korean companies operating in India were mostly concentrating in the automobiles, electronics and textiles "but going forward, we will expand cooperation to various areas, including shipbuilding, medical devices and food processing", Moon said. "In the past four years, the number of mobile manufacturing factories has gone up from two to 120".
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