THE EMERGING HUB OF CHINESE AND KOREAN COMPANIES

Greater Noida is rapidly emerging as a hub of multinational companies from China and South Korea, thanks to the investor-friendly policies of the Yogi Adityanath government

Greater Noida is under spotlight from across the world as multinational companies not only from US and Germany, but also from China and South Korea have been investing in the electronics sector at Greater Noida in the last four-anda-half years of the present Government. Chinese giants such as Oppo, Vivo and Formi are setting up their units in Greater Noida. Similarly, five Korean companies have acquired land in Greater Noida to establish their factories at the cost of Rs 1,154 crore. The companies will provide employment to 8,706 youths. The five big companies that have bought 3.51 lakh square meters of land so far to set up their factories in Greater Noida, include Samkwang India Electronics, KH Vatech India, Cenetech India, Dreamtech and Stereon. These are the most reputed mobile parts manufacturing companies globally.

According to officials of the Greater Noida Industrial Development Authority, Samkwang India Electronics is setting up its unit at an estimated cost of Rs 440 crore, which will employ 4,000 people, while KH Vatech India is investing Rs 247 crore and Sentech India Rs 34 crore to establish their own unit that will provide employment to 786 and 350 people respectively. Dream Tech and Stereon have acquired land in Sector Ecotech 10 to establish their plants at the cost of Rs 433 crore. The two units will employ 3,570 youths. Besides, some other Korean companies are also willing to buy land in Greater Noida to set up their plants. With a keen interest from Chinese and Korean companies, Greater Noida is emerging as a data centre hub on one hand and a stronghold of Korean electronics companies on the other.

One of the main reasons for these investments by Korean companies is the recent investment of Rs 7,429 crore and Rs 2,000 crore by Chinese majors Vivo and Oppo respectively in Greater Noida. The entry of Chinese electronics companies into Greater Noida to manufacture laptops, mobile phones and other gadgets has paved the way for Korean companies to establish their own plants in order to compete with their Chinese rivals. The State Government is helping Korean companies at every step to facilitate establishment of their plants in Greater Noida. The investment being made by these Korean and Chinese companies in Greater Noida will provide employment to thousands of people in the state while the Government will get huge revenue in the form of GST from the products being made in the factories of these companies.

All this has been possible because of the progressive industrial policies of Chief Minister Yogi Adityanath aimed at promoting investment in the state, and the introduction of One Window System for speedy clearance of investors’ proposals.

5 Korean firms to invest Rs 1,154 crore in the city, providing employment to 8,706 youths

China’s Vivo and Oppo setting up plants at the cost of Rs 7,429 crore and Rs 2,000 crore respectively