Foxconn CEO Young Liu declared that India is poised to become the “new manufacturing center of the world.” Additionally, the supplier ecosystem may develop faster than it did in China.
At Semicon India 2023, Liu recently had a meeting with Prime Minister Narendra Modi in Gujarat.
On Wednesday, Liu told reporters in Taipei that Foxconn will increase its operations there as demand from Indian customers increases. In a statement from Taiwan, the chairman noted that Foxconn is expanding in India to meet customer demands.
Foxconn is exploring the possibility of manufacturing electric vehicles (EVs) in India. One of the potential plant locations under consideration is Tamil Nadu.
Liu predicted that India would “become a new manufacturing center” for the world if it didn’t implement enough reforms. Furthermore, he emphasized that India’s fast-growing electronics industry will expedite the maturation of its supply chain ecosystem. This ecosystem took over 30 years to develop in China.
The chairman of Foxconn has often stressed the expanding manufacturing proximity between Taiwan and India. At the India Semiconductor meeting in late July, he declared, “Where there is a will, there is a way.” I can sense the Indian government’s tenacity and am very confident in its future course. I have heard PM Modi tell me that “IT” stands for Taiwan and India. Taiwan is and will continue to be your most dependable and trustworthy partner, Mr. PM. “Let’s do this together.”
To meet rising demand for electric vehicles and electronic devices, Foxconn has initiated a substantial expansion program in India. Moreover, the company has been operating in India since 2005. It is currently one of India’s top producers of iPhones and the world’s largest contract manufacturer of Apple products.
According to Liu, the business will expand beyond its current 30 plants. These plants generate about $10 billion in annual revenue and have the potential to attract billions in investments.
After the company’s second-quarter results in August, Liu observed substantial growth in revenue, personnel count, and investment scale in India over recent years. Nevertheless, he anticipates this trend to persist despite the company’s current involvement in assembling information and communications technology (ICT) goods.
“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 optimise the business environment in terms of infrastructure, policies and laws,” he said.