South Korea's President Moon Jae-in speacks during the inauguration of the world's largest mobile factory at the Samsung India electronics private limited in Noida on July 9, 2018. "I have been told that this unit will be the company's largest manufacturing unit".
South Korean President Moon Jae-in on Monday said he was committed to raising South Korea's relations with India to the level of those with China, Japan, Russia and the United States, as he sought to expand cooperation in areas such as shipbuilding, aerospace, manufacture of medical devices and food processing.
It is also a shot in the arm for Modi's flagship "Make in India" campaign which is trying to attract foreign investment and drum up much-needed jobs in manufacturing.
Samsung is setting up shop in India in a big way. "Altogether, over 400,000 people are working in those units and Samsung is spearheading this with a workforce of 70,000 people", Modi said.
Samsung's Noida plant, set up in 1996, has been manufacturing smartphones, refrigerators and flat-screen televisions.
The new factory was made possible thanks to the state government's Mega Plan, under which Samsung had announced an investment of more than $700 million previous year to expand the pre-existing Noida plant.
A year ago in June, the consumer electronics major had announced that it would invest Rs 4,915 crore to double its manufacturing capacity for smartphones and refrigerators at its Noida plant.
"South Korea's participation in our "Make in India" mission has created many employment opportunities in India", he said.
Considering that India is becoming a crucial economic partner for South Korea, it would be a good time to examine how the equation between the two countries has shaped up so far.
Samsung announced the expansion of its plant a year ago as part of a $715 million investment in India.
The PM added the number of manufacturing factories in mobiles had gone up to 120 from just two since 2014. India is using 40 crore smartphones, 32 crore people are using broadband technology.
Modi credited Moon for initiating the peace process in the Korean peninsula.
He said the company is aligned with government policies and would continue to seek their support to achieve "our dream of making India a global export hub for mobile phones".
Along with bringing jobs, such localized manufacturing could also go a ways toward helping bring the cost of devices down.
"India-Republic of Korea (RoK) relations has made great strides in recent years and has become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high level exchanges", the Ministry of External Affairs had said in a statement.
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