New Delhi. In a significant development on the occasion of Prime Minister Narendra Modi’s 73rd birthday, Wei Li, representative of Taiwan-based leading electronics component maker Foxconn, announced ambitious expansion plans within the Indian market. The company aims to increase its investment and workforce in India within the next twelve months, signaling a strategic move to strengthen its presence in the country and reduce dependence on operations in China.
Established presence in southern states
Foxconn already operates a large iPhone manufacturing facility in Tamil Nadu, employing more than 40,000 people. Wei Li stressed the company’s commitment to India by outlining its objective to double employment, foreign direct investment (FDI) and trade scale by the coming year. The representative acknowledged that while it took three decades to build a comprehensive supply chain ecosystem in China, a similar process in India is expected to be expedited based on the accumulated experience.
Integration of cutting edge technologies
Pointing to the introduction of new technologies such as Artificial Intelligence (AI) and Generative AI, Li underlined that the environmental scenario in India is different from China. The statement reflects Foxconn’s acknowledgment of the unique challenges and opportunities presented by the Indian market, especially in terms of technological advancements.
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Karnataka’s $600 million investment blueprint
In August this year, the Karnataka government revealed that Foxconn is set to invest a whopping $600 million in the state for two projects dedicated to the production of components for iPhones and chips. The move reflects Foxconn’s deep commitment to enhancing India’s manufacturing capabilities and reinforces the country’s important role in the company’s global strategy.
Young Liu’s vision for India
Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn), started this month by declaring, “India will be a key player in the future of manufacturing.” This groundbreaking confirmation reinforces Foxconn’s confidence in India’s potential as a leading hub for high-tech manufacturing, underscoring the country’s leading role in the global supply chain.
