Major Developments By Foxconn In India Announced On PM Modi's Birthday: What It Means For Jobs And Investments

Foxconn , a vital supplier for the US tech giant Apple Inc., is eyeing a substantial growth initiative in India . The Taiwan-based manufacturer intends to increase its workforce and investment twofold within the coming year. V Lee, Foxconn's representative in India, unveiled this plan in a LinkedIn post celebrating Prime Minister Narendra Modi 's 73rd birthday, as reported by Reuters.

Moving away from China

Foxconn, renowned as one of the globe's premier electronics contract manufacturers, has been rapidly strengthening its foothold in India. The company's strategic investments in manufacturing facilities, particularly in South India, represent a deliberate diversification strategy aimed at reducing dependence on Chinese manufacturing.

Lee did not reveal the precise details of this expansion. Currently, Foxconn operates an iPhone manufacturing facility in Tamil Nadu, employing a significant workforce of 40,000 people.

The $600 million investment goal

Foxconn's ambitious initiative is in line with its recent pledge to invest $600 million in the state of Karnataka for two separate projects. These projects will emphasize the production of casing components for iPhones and the manufacturing of chip-making equipment, reinforcing the company's dedication to the Indian market, as reported by Reuters.

Liu Young-way, Chairman of Foxconn, underscored the enormous potential that India represents within the framework of the company's worldwide operations. He pointed out that the billions of dollars already invested in India are merely the starting point, underscoring Foxconn's enduring dedication to the Indian market.

Previously, senior executives at Foxconn had informed reporters in Taipei that the growth potential of the entire ecosystem and industrial chain, along with the development opportunities in India, are "very, very huge".