Samsung chief visits “land of opportunity” India

[Courtesy of Samsung Electronics Co.]

Samsung Electronics Co. Executive Chairman Jay Y. Lee visited Mumbai, India on Saturday (local time), to review the local information technology (IT) market and meet with employees.

Lee’s visit to India is interpreted as a strategic move, recognizing that targeting the rapidly growing Indian market is essential for the South Korean tech giant’s continued growth. India has a population of 1.44 billion, surpassing China to become the world‘s largest. It ranked fifth in the world in terms of gross domestic product (GDP) in 2023 and is expected to achieve the highest economic growth rate among major economies in 2024 according to the International Monetary Fund (IMF).

India has a young population with a median age of 29 and a growing middle class with increasing purchasing power. “There is a surge in demand for premium products in the smartphone and home appliance markets,” an industry insider said. “India is a land of opportunity for Samsung.”

It is the second-largest country in the world for smartphone launches. Samsung Electronics reclaimed the top spot in the Indian smartphone market with an 18 percent market share in 2023 for the first time since 2017, outpacing Chinese companies such as Vivo, Xiaomi, Realme, and Oppo.

Samsung has also maintained the top market share in the Indian TV market since 2017 and has been actively investing in India, recognizing its growth potential early on. The company first entered India in 1995 and currently operates a smartphone factory in Noida and a home appliance factory in Chennai.

The Noida factory, which initially produced monitors and refrigerators, started producing mobile phones in 2007, with cumulative production topping 650 million units by 2023.

Samsung also operates research and development (R&D) centers in Noida, Bengaluru, and Delhi, along with ‘Samsung Design Delhi,’ which is responsible for product design for the South Asian market, and the company has around 18,000 local employees.

“India plays a key role in our company’s talent acquisition,” a Samsung Electronics official said.

Lee also attended the wedding of the youngest son of Reliance Industries Ltd. Chairman Mukesh Ambani in Mumbai, during this trip to strengthen his global network. The Ambani family wedding is known as a networking hub that brings together global business leaders and influential politicians.

Reliance Industries is India’s largest company, and Ambani is the ninth richest person in the world. A business insider commented, “Lee’s extensive global network is an irreplaceable asset for Samsung.”