On 17th September, Taiwanese contract manufacturing company Foxconn’s India representative, V Lee, wished Prime Minister Narendra Modi a happy 73rd birthday in a LinkedIn post and said the company plans to double its investment and people it employs in India in the next year. The company plans to double the workforce within the coming year, increase foreign direct investment (FDI) and expand its overall business operations in the country, affirmed Lee.
In the post, Lee said, “Under your leadership, Foxconn has grown smoothly and rapidly in India. We will work harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India.”
Minister of Communications, Electronics and Information Technology Ashwini Vaishnaw shared a screenshot of V Lee’s post on X (formerly Twitter) and said the Government of India is fully committed to supporting and facilitating Foxconn’s plans of expansion in India.
Fully committed to support and facilitate. pic.twitter.com/8ZBfnMDxa1
— Ashwini Vaishnaw (@AshwiniVaishnaw) September 18, 2023
The announcement came at a time when Foxconn has a substantial investment in the country, particularly in the Southern states. The company will play a significant role in India’s journey towards becoming a global manufacturing hub.
Notably, Foxconn has an iPhone factory in Tamil Nadu that employs 40,000 people. In August this year, the Karnataka government said Foxconn was planning to invest USD 600 million in two projects in the state to make casing components for iPhones and chip-making equipment.
Foxconn’s chairman Liu Young-way said in August that India has a lot of potential and said, “several billion dollars in investment is only a beginning”.
The company also plans to invest Rs 1,600 crore or USD 194 million to build a campus in the Kanceepuram district near Chennai in Tamil Nadu.
Furthermore, the company has been exploring options in India focused on establishing a semiconductor manufacturing facility in Gujarat. It will enhance the country’s electronic manufacturing capabilities to a large extent.
The proposed investment in the country shows that the Taiwanese company has confidence in India’s growth potential and will contribute significantly to improving employment and technological advancements.
