South Korean President Moon Jae-in attended the opening ceremony of Samsung Electronics’ new production line in Noida Monday, which was also joined by Samsung Electronics Vice Chairman Lee Jae-yong and Indian Prime Minister Narendra Modi. “The government will provide its utmost support so that the factory in Noida can serve as a symbol of mutual cooperation between India and South Korea,”
President Moon said. He described the tech giant’s newly opened factory as a symbol of bilateral economic cooperation and kicking off his initiative for economic diplomacy aimed at lowering economic dependence on the United States and China in line with his administration’s “New Southern Policy.”
President Moon, who is on a state visit to India, said that the active operation of the Noida facility will lead to the development of both Indian and South Korean economies. “Products manufactured here contain the efforts and technology of India and South Korea, and around 50 parts companies,” he said. “I expect that smartphones produced at the Noida factory will be exported to the third countries in the Middle East and Africa, further growing the results of bilateral economic cooperation.”
The opening ceremony was also attended by Prime Minister Modi and Vice Chairman Lee. This marks the first time that President Moon meets with Vice Chairman Lee or takes part in a ceremony related to Samsung Electronics since he took office. Samsung’s factory in Noida is the largest smartphone production line in India, and Vice Chairman Lee had decided to make an investment in the factory after meeting with Prime Minister Modi right after he was appointed as the company’s registered director in 2016. President Moon’s latest visit to the local factory in India seems to be intended to show the cooperation of the government and the country’s biggest conglomerate to target the Indian market, which is considered the most important in the success of the New Southern Policy.
President Moon and Prime Minister Modi looked around the facility with the guidance of Vice Chairman Lee, and left their autographs on the first and second new smartphones manufactured at the line. “All executives and employees of Samsung Electronics and its partner companies have made steady efforts to win the hearts of Indian people,” Moon said. “You are the pillar of bilateral economic cooperation.”
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