The new factory will help Samsung to double its current capacity for mobile phones in Noida to an annual 120 million units after the phased expansion plan is complete, the company said in a statement.
South Korean President Moon Jae-in, who is visiting India for the first time along with PM Modi will jointly inaugurate this factory. "Mobile manufacturing in India has been [riding] on the shoulders of Chinese brands of late, but the expansion of a brand like Samsung will send a very positive message across the globe".
Prabhu and his South Korean counterpart Kim Hyun-Chong signed the joint statement on the Early Harvest package-issues where a breakthrough was achieved-in the India-Korea Comprehensive Economic Partnership Agreement (CEPA) upgradation, said PTI quoting an official statement.
Last year, India overtook the U.S. last year to become the world's second-largest smartphone market after China. The facility will manufacture 1 crore units per month with around 30% of the production will be exported to countries in Middle East and African region. During the Korean War (1950- 53), both warring sides accepted a resolution sponsored by India. "This [plant] is a big step in the direction of making India a hub of world manufacturing".
President Moon Jae-in said the new facility will create a new era for India-Korea ties. "The new plant will employ 1000 more people", he said.
In order to boost people-to-people relations and travel between the two countries, India extended the visa-on-arrival (VoA) facility for South Korean tourists in April 2014.
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"Unlike some other countries in the world which like Korean money but not Koreans, we like Koreans more than Korean money", Prabhu said in an apparent reference to uneasy relations between South Korea and some of its immediate neighbours.
Samsung started doing business in India in 1995 and began mass producing TVs at the Noida factory in the following year. "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".
For instance, South Korea will work to expand the market presence of its carmakers in Indonesia, the largest auto market in Southeast Asia, where Japanese vehicles now take up 98.6 percent of the market, while Korean cars take up only about 0.1 per cent, according to Mr Kim.
The new factory will be able to produce 120 million smartphones every year and will make devices from across the whole of Samsung's range of products including budget devices and the flagship models. The plant was set up in 1996.
Within India, Samsung runs two factories, five research and development centers and one design center. We "Make in India", "Make for India" and now, we will "Make for the World".