According to International Data Corp, India's smartphone market grew 14 percent previous year to 124 million units, the fastest rate of growth among the top 20 markets.
Samsung India, that registered 27 per cent growth in mobile business revenue for the financial year 2016-17 - accounting for a whopping Rs 34,300 crore of its reported Rs 50,000 crore sales - won't be able to hide the smile when the new facility kicks off production from July 9.
In 2012, Samsung became the leader in mobile phones in the country and the Noida facility rolled out the first-ever "Galaxy S3" device. "We expect the visit to open new avenues for the expansion of our partnership, particularly in the economic domain", Kumar had said. He said it is a matter of pride that India is home to the world's largest Samsung unit.
Samsung has played a key role in generating employment in India with over 70,000 people.
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The new Samsung factory will have the capacity to fabricate 120 million smartphones per year, and make everything from low-end smartphones that cost under $100 to the company's flagship S9 model, according to the company. Making of smartphones was commenced in 2007 at the existing Noida facility.
Stating that smartphones made at the factory will be exported to the Middle-east and Africa, he said Korean government will do utmost to provide all support. We "Make in India", "Make for India" and now, we will "Make for the World".
Mr. Modi pointed out that India is heading towards a digital revolution and now, 40 crore people are using smartphones in the country.
Modi will be pleased with the opening too because he has been encouraging firms to set up factories in the country in order to boost domestic manufacturing.
Ahead of the trip to India, Moon and his office emphasized the importance of India in the New Southern Policy on numerous occasions before the trip.