South Korean President Moon Jae-in will mark his first ever state visit to India to visit the largest Samsung plant along with Prime Minister Narendra Modi on Monday.
The South Korean President will be accompanied by senior members of his cabinet, officials as well as industry captains. First Lady Kim Jung-sook will also be accompanying the President.
Samsung has opened a brand new 35-acre Electronics facility at Sector 81 in Noida, Uttar Pradesh. A helipad adjacent to the factory has been made in as Prime Minister Narendra Modi and South Korean President Moon Jae-in will be landing together to inaugurate it.
Also, Samsung Electronics’ heir apparent Lee Jae-Yong departed for India on Sunday to lay the groundwork to further expand in the Indian smartphone market.
The Noida plant was was set up in 1996 and is the first of two manufacturing units in India for the company. The plant started with the manufacture of televisions way back in 1997, and mobile phone manufacturing unit was added in 2005.
In 2012, Samsung became the leader in mobile phones in the country and the Noida facility rolled out the first-ever “Galaxy S3” device. Today, Samsung is the market leader across mobile segments.The company currently has over 10 percent of its overall production in India and aims to take it to 50 percent over the next three years.
Last year, Samsung invested Rs 4,915 crore to double its manufacturing capacity for smartphones and refrigerators in the Noida plant.
The Korean chaebol said that the investment would position the Noida plant as a major production hub and create about 5,000 new jobs.
Besides the factory in Noida, Samsung also has a production unit in Sriperumbudur, Tamil Nadu, five R&D centres and one design centre in Noida, employing over 70,000 people.
The company’s investment proposal was recently approved by the UP Government under its Mega Policy.