India, South Korea sign 11 agreements

India, South Korea sign 11 agreements

Today Samsung is opening what it describes as the world's biggest mobile phone manufacturing facility.

Currently, Samsung manufactures over 60 million smartphones annually in India and with the new plant, it is expected to manufacture almost 120 million mobile phones.

The facility was jointly inaugurated by Modi and Moon Jae-in, President of the Republic of Korea. "India has become number 2 in mobile phone manufacturing".

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. India is now the second-largest smartphone market after China, in 2016 there were about 360 million smartphone users, and by 2021 there are expected to be 780 million.

With Modi having introduced a tax on the import of certain smartphone components into India, it makes a great deal of financial sense for Samsung to produce its handsets within the country. During the Korean War (1950- 53), both warring sides accepted a resolution sponsored by India. "Being one of the oldest manufacturers in India, the latest step to expand the facility may work to its advantage, say experts". "The new plant will employ 1000 more people", he said.

Good air connectivity between the two countries has been established with Air India, Asiana Airlines and Korean Air operating flights. During 2017, the South Korean company shipped 317 million phones in total.

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PM at the launch also pointed it out that Samsung has provided employment to almost 70,000 people, and the new plant will provide jobs to 1000 more.

The new Samsung factory is situated just outside the country's capital, New Delhi, and was built to satisfy the growing demand in the country for smartphone devices. "The state government wants to give the message that we will generate employment and we will fulfill commitment that we have made to investors.we will provide all support that we can in terms of policy".

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%). Samsung has two manufacturing plants and five research and development centres in India.

"The Noida factory now produces 68 million smartphones a year and the annual production volume will grow to as much as 120 million by the end of 2020, when the factory goes into full operation", said a Samsung spokesman.

"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.

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