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Foxconn’s top boss meets PM Modi, group set to ramp up operations in India

Prime Minister Narendra Modi with Young Liu, Chairman of Foxconn

Amid Foxconn’s plans to ramp up semiconductor manufacturing in South Asian markets, Prime Minister Narendra Modi met Young Liu, Chairman of Hon Hai Technology Group (Foxconn) today in the capital and touched upon a host of issues aimed at enhancing India’s technology and innovation ecosystem.

Foxconn Hon Hai is among the three vendors that assemble Apple’s iPhones in India. The other two vendors are Pegatron and Wistron.

“Had a good meeting with Mr. Young Liu. Our discussions covered various topics aimed at enhancing India’s tech and innovation eco-system,” Modi tweeted after the meeting.

The Taiwanese tech giant said that it will continue to build an ecosystem in India allowing all its “stakeholders to share, collaborate and thrive.”

Foxconn is already looking to increase its investments in India. Last year, it announced another $500 million investment in its India business.

After generating 1 lakh jobs in India, Apple has already become the single largest provider of blue collar employment in the country.

India and Taiwan have expanded their bilateral economic engagements. Brookings in a blog said that there is a broader Indian interest in peace and security throughout the Indo-Pacific and in maritime Asia, of which Taiwan is a significant part.

Taipei’s “New Southbound Policy” under Taiwanese President Tsai Ing-wen is also in sync with Prime Minister Narendra Modi’s Act East Policy.

While Foxconn’s operations in China have normalised this year after a severe disruption last year due to Beijing’s zero Covid policy, the company has pressed the pedal in diversifying its supply chain. Foxconn has also increased its investments in Vietnam.

Also read: After iPhone success, Apple may start production of laptops and tablets in India