Samsung to make big investments, LG bullish on business climate

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NEW DELHI: Korean technology major Samsung has committed to scale up its investments in India's 4G market in a meeting with Telecom Minister Ravi Shankar Prasad, while LG expressed great faith in the "changed investment climate". "Met CEO Samsung. Discussed NOFN and Smart city projects. They are keen on India's 4G mobile market. (They) want to increase investment," Prasad tweeted after his meeting. Major Indian telecom operators, including Reliance Jio, plan to start 4G services from next year. Bharti Airtel and Aircel have already launched these high- speed services in some parts of the country. Prasad is on a 5-day visit to South Korea to woo investments in the country in the field of electronics manufacturing and under the 'Make In India' program. The Telecom Ministry in a statement on Prasad's visit said that Samsung IT and Mobile Communications President and CEO Jong Kyun Shin in the meeting with the Minister "expressed great hope in the India's 4G mobile market and expressed his desire to make big investments in India". The Samsung CEO appreciated Indian engineers in making Samsung a big success across the world. Samsung has one its biggest R&D centres in India. It also has electronics manufacturing units that manufacture products like mobile phones and TV sets.
Government has set a target to have net zero import of electronics by 2020. As per official estimates, Indian electronics market will be around USD 400 billion (about Rs 24 lakh crore) by 2020 and in the absence of corrective measures to boost electronics manufacturing, those imports would be around USD 300 billion (about Rs 18 lakh crore) by the same year.

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Samsung to make big investments, LG bullish on business climate - The Economic Times