Indian Prime Minister Narendra Modi and South Korean President Moon Jae-in jointly inaugurated the Samsung Electronics’ new factory in India which is dubbed the world’s biggest mobile phone manufacturing plant.
The newly inaugurated factory unit is said to be part of Samsung’s plans to expand production in the world’s fastest-growing major mobile phone market — India.
The factory in Noida, on the outskirts of New Delhi, will allow Samsung to make phones at a lower cost due to its scale at a time when other phone making hubs such as China are getting more expensive, analysts tracking the sector said.
Addressing the launch gathering, Indian Prime Minister Narendra Modi said, “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.”
Samsung said last year it would spend $716.57 million over three years to expand capacity at its Noida plant.