In a significant shift from China, Foxconn, the world's largest electronics contract manufacturer and a prominent Apple supplier, has unveiled its ambitious plan to double its workforce and investments in India within the following year, the South China Morning Post reports.
The announcement was made by V Lee, Foxconn's representative in India, in a LinkedIn post commemorating Indian Prime Minister Narendra Modi's 73rd birthday.
Diverse Expansion Strategy
Foxconn's aggressive expansion strategy in India is a testament to the country's growing importance in the global electronics manufacturing landscape.
The Taiwanese conglomerate has been progressively bolstering its presence in India by investing in state-of-the-art manufacturing facilities in the country's southern regions, one being worth $700 million.
While specific details regarding the expansion remain undisclosed, V Lee stated that Foxconn was "aiming for another doubling of employment, foreign direct investment (FDI), and business size in India" within the coming year.
This bold move emphasizes Foxconn's commitment to diversifying its manufacturing base and reducing its dependency on China.
Existing Operations in Tamil Nadu
Foxconn has already established a significant manufacturing footprint in India.
The company currently operates an iPhone factory in Tamil Nadu, employing 40,000 people. This facility plays a crucial role in Apple's global supply chain, contributing to the production of millions of iPhones annually.
Further underscoring Foxconn's dedication to expanding its Indian operations, the state of Karnataka announced in August that the tech giant would invest a staggering $600 million in two distinct projects.
These projects will focus on producing casing components for iPhones and manufacturing cutting-edge chip-making equipment.
Chairman Liu Young-way's Optimism
Foxconn's Chairman Liu Young-way has expressed unwavering optimism regarding the company's prospects in India.
During an earnings briefing last month, he boldly stated, "Several billion dollars in investment is only a beginning."
This statement underscores Foxconn's long-term commitment to the Indian market and its recognition of its growth and innovation potential.
Terry Gou's Political Aspirations
In a surprising twist, Foxconn's billionaire founder, Terry Gou, recently announced his candidacy for the Taiwanese presidency as an independent candidate.
Gou expressed doubts about the ruling Democratic Progressive Party's capacity to secure Taiwan's future and prosperity, a decision that led to his resignation from Foxconn's board.
Given his pivotal role in the company's history and global operations, his political aspirations intrigue the Foxconn narrative.
Global Operations
While Foxconn's expansion in India dominates headlines, it's essential to note that the company still maintains a robust presence in China.
The city of Zhengzhou in Henan province hosts the world's largest iPhone manufacturing plant operated by Foxconn.
This facility plays a pivotal role in Apple's global supply chain despite its endeavors to diversify its manufacturing locations.
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