In a remarkable project that will promise jobs and development, the Uttar Pradesh government has partnered with Samsung to relocate the latter’s mobile and IT display production unit from China to Uttar Pradesh (UP), Economic Times.
Samsung will reportedly invest Rs 4,825 crore in Uttar Pradesh to get the project running. This will make India the third nation in the world to have such a Samsung unit.
For the unaware, Samsung currently makes 70% of global display products used in televisions, mobile phones, tablets, watches, etc. Even a company like Apple purchases Samsung-made screens for its products, including iPhones.
As per the reports, setting up the plant in Noida will provide direct employment to at least 510 people and more jobs in indirect employment.
The Yogi administration has also decided to give the South Korean company an incentive of Rs 250 crore to set up the manufacturing plant.
“The unit intends to invest Rs 4,825 crore. It could be made possible by the sustained efforts of the UP government to create an eco-system in NCR in sync with the intent of the Centre to make an export hub in view of the ever-increasing demand of mobile and other gadgets in the country and abroad,” UP government spokesperson said.
The project will lure other manufacturing companies to consider India as a manufacturing hub. Also, the project will bring foreign direct investment (FDI) into the country besides making India an export hub.