According to a statement from Samsung, the factory will help almost double its output of mobile devices in India from 68 million units a year to a whopping 120 million units a year.
Eagerly await Prime Minister Modi's visit to South Korea in 2020: South Korean President Moon Jae-in at joint press statement with Prime Minister Modi.
The firm said it has been manufacturing mobile phones in India since 2007, and has also been populating Printed Circuit Boards (PCBs) since its inception, in line with the Centre's phased manufacturing programme.
Last year, India overtook the United States last year to become the world's second-largest smartphone market after China. The government is also formulating a framework to increase the competitiveness of made in India electronics to boost the exports of such products. It is also when the company aims to export 30 percent of the smartphones manufactured in India, Samsung told BGR India. 35,000 new jobs would be generated due to this new factory.
Samsung now has over 10% of its overall production in India, which it aims to take to 50% over the next three years.
The South Korean president noted India's plans to make smart cities and industrial corridors in the country and said his country wanted to participate in these projects given its experience in building such cities back home.
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President Moon Jae-in said the new facility will create a new era for India-Korea ties.
"India is the most dynamic country". A large number of Koreans trace their ancestry to this legendary princess and the new monument will be a tribute to the shared cultural heritage between the two countries.
Samsung started doing business in India in 1995 and began mass producing TVs at the Noida factory in the following year.
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 plant was set up in 1996.
Samsung announced the expansion of its plant a year ago as part of a $715 million investment in India.
Samsung India CEO HC Hong described the factory as a "symbol of Samsung's strong commitment to India and a shining example of the success of the government's "Make in India" program", referring to Modi's initiative to encourage global companies to invest in manufacturing operations in the country.
The more than 500 Korean companies operating in India were mostly concentrating in the automobiles, electronics and textiles "but going forward, we will expand cooperation to various areas, including shipbuilding, medical devices and food processing", Moon said.