Xiaomi is one of the top smartphone vendors worldwide, despite not having an established presence in Western markets. The company currently has a presence in 70 countries, and it aims to become a global brand. In China, it's the fourth largest smartphone vendor. In India, it recently overtook Samsung to become the largest smartphone vendor in the country. The company launched its new Redmi device portfolio in India in February and March, consisting of the Redmi Note 5 and the Redmi Note 5 Pro, as well as the Redmi 5.
Now, Xiaomi has announced that it will be organizing a Supplier Investment Summit in India from April 9th to April 11th. The summit will host 50+ Xiaomi component suppliers from around the world, who will visit different states learning about opportunities in India.
Xiaomi notes that India is the most important market for it outside Mainland China. It's also a major manufacturing hub, and therefore, the suppliers will be visiting different states to "evaluate opportunities for setting up local base in the country." According to the company, this will not only bring in additional FDI in India, but will also create a "pool of job opportunities."
The agenda of the Supplier Investment Summit will be to help the suppliers understand about opportunities in the India market, incentives offered by Center and State government, FDI policy, industrial policy, and various state sector policies.
It should be noted that Xiaomi has three manufacturing facilities in India. There are two facilities in partnership with Foxconn in Sri City, Andhra Pradesh, which are dedicated to manufacturing smartphones. According to Xiaomi, more than 95 percent of its smartphones sold in India today are manufactured locally. The production capacity is said to be 1 smartphone/second during operational hours. In addition, Xiaomi also opened a unit in Noida, Uttar Pradesh in partnership with Hipad Technologies in November. The Noida facility manufactures power banks for Xiaomi India.
With the Supplier Investment Summit, Xiaomi is giving another signal that it values the Indian smartphone market. Its products are selling well in the country, and its brand image has improved a lot. For fans of the company's devices, it's fair to say that good days lie ahead.
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