Samsung plant will enhance economy, boost India-Korea ties: PM Modi

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The factory, inaugurated jointly on Monday by Indian Prime Minister Narendra Modi and South Korean President Moon Jae-in, will also help Samsung to compete more effectively with rivals such as China's Xiaomi, which became India's biggest smartphone brand by shipments earlier this year.

Mobile manufacturing was added in 2005.

A total of 11 MoUs were signed between India and South Korea including on cooperation in the field of biotechnology and bio-economics and on cooperation in the field of ICT and Telecommunications.

Last year, India overtook the USA last year to become the world's second-largest smartphone market after China. "We are aligned with Government policies and will continue to seek their support to achieve our dream of making India a global export hub for mobile phones".

Samsung, which has been assembling phones in India since 2007, also plans to export India-made handsets. During the Korean War (1950- 53), both warring sides accepted a resolution sponsored by India.

Speaking on the occasion, the South Korean President said the new Samsung unit will provide jobs to local people. I am delighted that Korean companies are taking part in this fast-paced India.

"India and Korea, for the last 45 years, have developed bilateral relations in various fields and in 2015, the occasion of Prime Minister Modi's visit to South Korea escalated those relations to a special strategic partnership", said President Moon.

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"India is the most dynamic country". Addressing a joint press statement in Delhi with Modi, Moon said Indian Prime Minister's initiatives have helped strengthen the bilateral relations between the two countries.

The new factory will almost double Samsung's output, thus helping compete against Xiaomi and possibly win back the top spot.

The Indian mobile phone market grew by 48% YoY in the first quarter of 2018, driven by strong demand from the featurephone segment.

In the smartphone segment, Xiaomi maintained its lead in the first quarter with a record 31% market share followed by Samsung (26%), vivo (6%), OPPO (6%), and Honor (3%).

As Bloomberg reports, Samsung will today open the world's largest mobile phone factory, which is located in the city of Noida in India's northern state of Uttar Pradesh. The plant was set up in 1996.

"As you may well know, the Moon Jae-in government is building a cooperative relationship with India and Asean, which are thought to be the next China, while upgrading the country's relationship with India and Asean countries to the level of its ties with the four super powers", Mr Kim said, according to Yonhap. Apart from Noida, Samsung also has a factory in Sriperumbudur, near Chennai, five research and development centres and one design centre along with 1.5 lakh retail outlets and 3,000 customer service points.

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