Monday, 24 September, 2018

South Korea’s Moon Jae begins India visit, economic ties in focus

Noida now has the largest mobile factory in the world Samsung’s biggest factory will be inaugurated in India today
Kayla Schwartz | 09 July, 2018, 17:25

"But I think that has been left behind with South Korean investments worth $600 million coming in a year ago", Prakash said pointing at firms like carmaker Kia and Samsung announcing fresh investments in India in recognition of the Indian market and the buying power of the urban middle class. The new plant will provide 1,000 more jobs directly.

In 1997, the plant started manufacturing televisions, and in 2003, expanded to manufacturing refrigerators.

Samsung's Noida plant was set up in 1996 and is the first of two manufacturing units in India. India also features prominently in Moon's "new southern policy" that aims at boosting ties with India as well as South-East Asian countries, it said.

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. "These have been able to provide employment to over four lakh people", the Prime Minister said.

Addressing the gathering, Moon hoped that with the completion of the plant, there will be more jobs for Indians. After smartphones, they can go into building top-of-the-line products in other categories like TVs, refrigerators as advance manufacturing in India still lags behind.

Brexit secretary David Davis has resigned
It comes at a critical and highly sensitive time for May's strategy, as she seeks to make progress in negotiations in Brussels. Mr Rees-Mogg refused to support her and said that "she would be well-advised to revisit her Brexit policy".

Samsung factory is key to India-Korea relations, stated Modi. "After, seeing this, the feeling that I get is that India and Korea may be having different cultures, but the two countries share commonalities in values such as peace, harmony and unity in diversity", Moon said after visiting the iconic Akshardham temple.

PM Modi along with South Korean president Moon Jae-in will be inaugurating the facility in Noida at 5 pm Monday.

PM Narendra Modi along with UP CM Yogi Adityanath and President Moon Jae-In.

Earlier on Sunday, the South Korean president, accompanied by the first lady and his wife Kim Jung-sook, kick-started his maiden India visit with a tour of Akshardham temple in Delhi. "Both the policies will come to completion when prosperity spreads across the whole of Asia". India attracted the highest ever foreign direct investment in the past year with inflows totalling US$62 billion.

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