In a remarkable development under India’s Make in India and Atmanirbhar Bharat programmes to attract investments into the manufacturing sector, electronics major Samsung is going to invest Rs 4,825 crore to relocate its mobile and IT display production unit from China to Uttar Pradesh (UP).
Announcing the positive news, UP Government’s spokesperson said that this would mark the first such high-technique project of South Korean multinational corporation which would be set up in India after relocating from China.
India would become only the third nation in the world to have such a Samsung unit.
Samsung’s investment also gains significance as the company presently manufactures more than 70 per cent of the global display products used in televisions, mobile phones, tablets, watches et cetera.
Samsung has been betting big on India over the recent years, having already established the world’s largest smartphone making facility in UP’s Noida which was inaugurated by Prime Minister (PM) Narendra Modi in 2018.
The company is also the largest exporter out of Uttar Pradesh. Last fiscal the company had exported goods worth $2.7 billion out of the State and has set a target to export $50 billion worth of goods over the next five years.