Samsung Electronics opened the world largest mobile phone factory in the world in India.
The South Korean company said that this factory comes as a part of its strategy to expand production in the mobile phone market with investments of more than $700 million over three years.
The new manufacturing plant, which is located in India’s Noida industrial city, will help Samsung gradually double its current annual production capacity in India from 67 million phones to 120 million in the next three years.
The factory that was inaugurated by Indian Prime Minister Narendra Modi and South Korean President Moon Jae-in will help Samsung to compete its rivals in the market.
“This 50 billion-rupee investment will not only strengthen Samsung’s business ties in India, it will also play a key role in India-Korea relations,” Modi said in a speech in Hindi at the inauguration of the plant, according to Reuters.