The Taiwanese electronics manufacturing firm, Foxconn hopes to invest billions of dollars in India in the near future because it sees an opportunity for growth in the Indian economy. According to Foxconn Chairman and CEO Young Liu, the company’s annual turnover in the Indian market has surpassed USD 10 billion, which leads to enormous investment opportunities in India.
In one of the presentations, Liu outlines how the Foxconn corporation has done very well in terms of its income, employee count, and investment scale. Young Liu, the chairman and CEO of Hon Hai Technology Group (Foxconn), also talks about how the company operates nine campuses in India, 30 factories in the country, and 20 dormitories. Liu also says that Foxconn is expanding into other states, which involves Karnataka, Telangana, Tamil Nadu and other states.
Additionally, a Foxconn subsidiary and the government of Southern Tamil Nadu reached an agreement in which they outline how the project will create 6,000 employment with an investment of 16 billion rupees.
On top of a 700 million dollar facility that it plans to build on a 300 acre location near the airport in Bengaluru, Foxconn is investing 500 million dollars in the complexes. The plants are estimated to generate approximately 100,000 employment and will be used to assemble iPhones.
Foxconn is preparing to advance and improve its competitiveness, according to Liu, who also mentioned this during the earnings presentation. Foxconn will make plans to create landscapes and study the infrastructure, rules, and regulations of the business environment. In addition, Foxconn’s investment is expected to bring more plants to India and the fact that these measures will increase jobs as well as economic output, this could be the beginning of India’s tech gap narrowing with Western investors. As Liu sees a chance to engage in the Indian market, India is anticipating a significant investment from Foxconn.