Samsung Group has had a busy year, to say the least, with the recent release of the Galaxy S8, the soon-to-be release of the Galaxy Note 8 and updates to the J-Series phone line which will offer the Samsung name and quality to phones priced at a consumer-friendly rate. Samsung has now dug in deeper overseas and has launched plans to invest over $763-million in India.
The 9-digit investment is set to double production capacity and add 35-acres to their already existing Noida Plant located in New Delhi. The plant will create jobs and also reaffirm Samsung’s commitments to the Government of India’s ‘Make in India/Make for India’ initiatives targeting both international and Indian consumers.
“This new investment […] is a testament to our continuing commitment to ‘Make in India’ […] Today, […], we are witnessing rise in adoption of electronic devices, smart appliances and mobile phones.” Said HC Hong, President and CEO of Samsung’s Southwest Asia division. “A bigger manufacturing plant will help us cater to the growing demand for Samsung products across the country.”
The ‘Make in India’ initiative was launched in 2014 by the Government of India to “encourage national, as well as multi-national companies to manufacture their products in India.” Their vision is to “transform India into a digitally empowered society and knowledge economy.” The move does a great deal of good to help spur the economy in India which will contribute to the sovereignty and independence of the nation by empowering their people and lessening their dependence of Vietnamese production.
Samsung, a South Korean multinational conglomerate headquartered in Samsung Town, Seoul, has their hands in many different products from phones, televisions, games, and household appliances. This investment will go a long way in helping create the global economic stability that all corporations aspire to and will keep their brand relevant going into this next tech-age.