Business
PM Modi meets Foxconn Chairman, discusses investments in ‘futuristic sectors’
NEW DELHI — Prime Minister Narendra Modi on Wednesday met Young Liu, Chief Executive Officer and Chairman of Hon Hai Technology Group (known as Foxconn) and discussed several opportunities in “futuristic sectors” like artificial intelligence (AI), semiconductors, local electronics manufacturing and more.
A key Apple supplier, Taiwanese technology giant Foxconn leads the total iPhone exports from the country, at about 65 per cent, from its factory in the country.
“Wonderful to meet Mr. Young Liu, the Chairman of Hon Hai Technology Group (Foxconn),” PM Modi posted on X social media platform.
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… pic.twitter.com/5tT4xfF51u
— Narendra Modi (@narendramodi) August 14, 2024
The Prime Minister highlighted “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,” said PM Modi.
Liu was conferred the Padma Bhushan in January this year, saying he was “deeply honoured” to receive the award from the Indian government.
Foxconn, which manufactures around 70 per cent of iPhones globally, is investing heavily towards local manufacturing in the country.
According to Liu, government reforms and policies have created huge opportunities for the development of the entire electronics manufacturing ecosystem in the country and India is a very important country in terms of manufacturing in the future.
Moreover, the Taiwanese contract manufacturer plans to invest $1.54 billion in the country to help it fulfil “operational needs.”
Foxconn’s iPhone factory in Tamil Nadu employs over 40,000 people, and has signed an agreement to invest INR 1,600 crore in a new electronics components unit in the state that will create more than 6,000 jobs.
The company will invest an additional Rs 3,300 crore in its manufacturing facility in Telangana. This will take the total investment of the company in the state to more than INR 4,550 crore.
Led by iPhones, the export of electronic goods from India has seen a meteoric rise in the last 10 years. The country aims to reach $300 billion in overall electronics production by FY26.