Prime Minister Narendra Modi with Foxconn Chairman Young Liu
Foxconn, chairman & CEO Young Liu stated that India is positioned to emerge as the new manufacturing centre of the world, with the supplier ecosystem likely to flourish quicker than it did in China.
Liu recently met Prime Minister Narendra Modi at Semicon India 2023 in Gujarat.
Liu told media in Taipei on Wednesday, that Foxconn will expand its operations in India as business increases due to rising consumer purchases.
In a statement, CEO Young Liu said, “Foxconn continues to expand its presence in India in response to customer needs”.
Foxconn is looking into the chance to manufacture electric vehicles (EVs) in India and Tamil Nadu is one of the states where a plant could be established.
According to Liu, if there are not many changes in India, the country will become a new manufacturing centre for the rest of the world.
He also stated that the supply chain ecosystem which took over 30 years to develop in China, is likely to merge faster in India, especially given the enormous prospects for the local electronics industry.
The Foxconn chairman has repeatedly stressed the expanding manufacturing proximity between India and Taiwan.
In late July, at the India Semiconductor summit in Gandhinagar, he remarked, “Where there is a will, there is a way. I can feel the determination of the Indian government and am very optimistic about where it will be headed. PM Modi once mentioned to me that ‘IT’ stands for India and Taiwan. Mr. Prime Minister, Taiwan is, and will be, your most trusted and reliable partner. Let’s do this together”.
Foxconn has been working in India since 2005, and it has begun a big expansion to capitalize on the surge in demand for electric vehicles and consumer electronics such as smartphones and televisions. It is already the world’s largest contract manufacturer of Apple gadgets, and it is currently one of India’s top iPhone producers.
Liu has stated that the company will make billions of dollars in investments and expand beyond its 30 factories, which have a combined turnover of roughly $10 billion.
Liu stated following the company’s second-quarter results in August that the company’s revenue, number of workers, and investment scale in India have expanded tremendously over the last two years. He stated that while the company is now assembling Information and Communications Technology (ICT) items, the list would continue to increase.
Liu went on to say, “Going forward, Hon Hai will actively deploy work in the area of key components to raise its competitiveness in India. In addition to existing operations in Andhra Pradesh and Tamil Nadu, Hon Hai will also deploy (facilities) in Karnataka, Telangana, and other states”.
“Through close cooperation with central and local governments, Hon Hai will plan to establish industrial parks and optimize the business environment in terms of infrastructure, policies, and laws”, Liu added.
