The expansion of Samsung's Noida facility - one of two manufacturing plants in the country - will help Samsung increase its phone production by nearly double. India attracted the highest ever foreign direct investment in the past year with inflows totalling US$62 billion.
Besides the smartphone, consumer electronics like refrigerators and flat panel televisions will also be manufactured at Noida plant.
Speaking on the occasion, Narendra Modi stated that technology has transformed human lives in India.
According to an article in the Diplomat magazine's website, "During the (2017 presidential) election campaign, Moon pledged that he would elevate ties with India to the level of Korea's relations with the four major powers in and around the Korean Peninsula-China, Japan, Russia and the United States". The new facility is spread across an area of over 140,000 square meters. "But I think that has been left behind with South Korean investments worth $600 million coming in past year", 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.
In 1997, the plant started manufacturing televisions, and in 2003, expanded to manufacturing refrigerators.
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The new Samsung plant in Noida will provide 1,000 more jobs directly.
Samsung's Noida plant was set up in 1996 and is the first of two manufacturing units in India.
Korea's main export items include automobile parts, telecommunication equipment, hot rolled iron products, petroleum refined products, and nuclear reactors.
As Samsung is grappling against Apple and Chinese rivals such as Xiaomi, Oppo, Vivo and Lenovo, for a share of the world's second largest smartphone market and being one of the oldest manufacturers in India and making in the country may work to its advantage, say experts.
The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018.
The new facility will help Samsung double its current capacity for mobile phones in Noida to an annual 120 million units after the phased expansion plan is complete, the company's statement said.