India and South Korea support India's "Act East Policy" to promote trade and investment and push the "Special Strategic Partnership" with South Korean President Moon Jae-in's visit to India.
On Monday Both leaders inaugurated a 35-acre advanced Samsung electronics in Noida Sector 81, which is touted as the world's largest cell phone production unit in terms of number of devices rolled out each month.
In June of last year, the South The Korean company announced an investment of 4.915 billion rupees to expand the plant in Noida, and after a year, the new plant is ready to double production.
The company currently produces 67 million smartphones in India is expected to produce nearly 1
Samsung has two manufacturing facilities – in Noida and Sriperumbudur, Tamil Nadu – with five R & D centers and a design center in Noida with over 70,000 employees, expanding its network to more than 1.5 lakh stores. Apart from mobile phones, the expansion of the current facility will double Samsung's production capacity of consumer electronics such as refrigerators and flat panel televisions, further consolidating the company's leadership in these segments.
While this is a huge investment coming from South Korea, it will also create a lot of jobs for the youth of that country; an area that was a sore point for managing modes.
PM Modi said in the factory in Samsung: "In the last four years, the number of factories has increased from 2 to 120, of which more than 50 are in Noida, about 4 lakh youth get direct employment."
He traveled to Noida with President Moon on the subway, showing India's growing infrastructure and potential for further cooperation on this front.
10th July is when the officials will hold commitments between India and South Korea with a solemn reception in Rashtarapati Bhavan, followed by bilateral talks and the signing of agreements and a round table with the CEOs.
This visit presents India and the Republic of Korea (RoK) in order to converge their foreign policy visions of their respective regions. Deputy South Korean Foreign Minister Ena Park said exclusively before visiting India and India, India and South Korea would be discussing a series of issues that would include military cooperation.
"Our Partnership with India is Comprehensive You will associate Modes with the Act East Policy and New Moon's New Southern Policy to create momentum in bilateral relations," said Park.
There are various agreements and memoranda of understanding (MoU) of this visit. India and RoK would sign a memorandum for the construction of the Queen Hu Memorial Park in Ayodhya, a historic connection that brings many Koreans to Ayodhya every year.
According to legend, Queen Hur Hwang-ok, also known as Princess Suriratna, princess of Ayodhya, traveled to South Korea in 48 AD and married King Kim Suro of Karak clan.
The other MoUs and agreements include one on "means of trade" (for the settlement of trade disputes through the formation of a Cooperation Committee); Cultural exchange program (2018-2022); Document on ICT and communication; Cooperation between SMEs (small and medium-sized enterprises) to exchange best practices on improving world market competitiveness; There will also be an agreement on roads and motorways, where India will seek RoK's technical know-how and know-how.
With a focus on strengthening relations to create space for Korean investment, India has set up a separate switch for Korean investment. 19659002] READ ALSO: The world's largest mobile factory is inaugurated today in Noida
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