Prime Minister Narendra Modi recently engaged in a high-profile discussion with Young Liu, the CEO and Chairman of Foxconn (Hon Hai Technology Group), to explore and advance new investment opportunities in India's technology sector. The conversation was focused on several crucial areas, including artificial intelligence (AI), semiconductor manufacturing, and the expansion of local electronics production.
In a detailed post on X (formerly Twitter), PM Modi highlighted the significance of their meeting, stating, "Wonderful to meet Mr. Young Liu, the Chairman of Hon Hai Technology Group (Foxconn). I highlighted the wonderful opportunities India offers in futuristic sectors. We also had excellent discussions on their investment plans in India in states like Karnataka, Tamil Nadu, and Andhra Pradesh." Modi’s remarks underscore the importance of fostering strong international partnerships to drive technological innovation and economic growth.
Foxconn, known globally as a major supplier for Apple and a leading manufacturer of iPhones, is intensifying its operations in India. The company currently boasts a workforce of over 40,000 employees at its iPhone factory in Tamil Nadu. Foxconn’s commitment to India is further demonstrated by its substantial investment plans across various states.
In Tamil Nadu, Foxconn has committed to investing Rs 1,600 crore in the establishment of a new electronics components unit. This investment is anticipated to create more than 6,000 job opportunities, significantly contributing to the local economy. Moreover, in Telangana, Foxconn is planning to invest an additional Rs 3,300 crore in expanding its manufacturing facility. This move will bring Foxconn’s total investment in the state to over Rs 4,550 crore, reflecting the company's confidence in the region's growth potential.
Young Liu, who was honored with the Padma Bhushan earlier this year for his contributions to industry and innovation, commended India's ongoing efforts to cultivate a supportive environment for electronics manufacturing. Liu noted that recent government reforms and policies have played a crucial role in building a thriving and dynamic industry ecosystem.
India has seen a notable surge in electronics exports over the past decade, a trend largely driven by the production of high-demand products like iPhones. The country has set ambitious goals to enhance its electronics production capabilities, aiming to reach a target of $300 billion in overall electronics production by the fiscal year 2025-26. This goal reflects India's strategic focus on expanding its manufacturing base and establishing itself as a global hub for electronics and technology.
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