Apple Inc partner Hon Hai Precision Industry Co (鴻海精密), known internationally as Foxconn Technology Group (富士康科技集團), plans to double its investment and employment in India, highlighting an accelerating manufacturing shift away from China as tensions grow between Washington and Beijing.
V. Lee (李嘉恩), a Foxconn representative in India, said in a LinkedIn post on Sunday that the Taiwanese company plans to double the size of its business in the South Asian country, as he congratulated Indian Prime Minister Narendra Modi with his birthday. He did not give details.
“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,” Lee wrote.
Photo: Reuters
The Taiwanese company’s investment plans include a 121-hectacre site close to the airport in Bengaluru, the capital of Karnataka, Bloomberg News previously reported. That plant is likely to assemble iPhones and is expected to create about 100,000 jobs.
Hon Hai’s expansion into India underscores how China is at risk of losing its status as the world’s largest producer of consumer electronics. Apple and other US brands are leaning on their Chinese-based suppliers to explore alternative locations such as India and Vietnam. It is a rethink of the global supply chain that has accelerated during the COVID-19 pandemic and the war in Ukraine, and could reshape the way global electronics are made.
Hon Hai chairman Young Liu (劉揚偉) last month reaffirmed the company’s intention to increase investments in India, where it already operates nine production campuses and more than 30 factories employing tens of thousands of people. The company is in the early stages of expanding further in the country, where it takes in about US$10 billion of revenue annually, Liu said.
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