Foxconn sets sights on doubling investment and jobs in India
Foxconn, the major iPhone supplier, is boosting its investment in India with plans to create thousands of new jobs.
The move is a notable shift in manufacturing away from China amid escalating tensions between Washington and Beijing.
In a LinkedIn post, V Lee, a representative of Foxconn in India, shared these plans and extended birthday wishes to Prime Minister Narendra Modi.
Lee said: “We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India.”
Foxconn’s investment strategy includes building a sprawling 300-acre facility near Bengaluru airport in Karnataka.
This facility is expected to play a crucial role in the assembly of iPhones and is projected to generate approximately 100,000 job opportunities.
This expansion by Foxconn in India underscores the growing realization China’s status as the leading global producer of consumer electronics is at risk.
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US brands like Apple increasingly diversify their supply chain, exploring alternative manufacturing destinations such as India and Vietnam.
It’s a trend that has gained momentum during the pandemic and amid the conflict in Ukraine.
This shift in the global supply chain has the potential to reshape the entire landscape of electronics manufacturing.
Chairman of Hon Hai, Young Liu, reaffirmed Foxconn’s commitment to expanding investments in India.
The company already operates nine production campuses and over 30 factories in India, employing tens of thousands of people.
With an annual revenue intake of approximately $10 billion, Foxconn is in the early stages of further expanding its presence in the country.