Foxconn, a Key Apple Supplier, Unveils Ambitious Plans to Double Workforce and Investment in India by 2023, Shifting Away from China
Foxconn, a supplier to Apple (AAPL.O), is planning to double its workforce and investment in India by the next year, according to a company executive. The Taiwan-based Foxconn, the world’s largest contract electronics manufacturer, has been significantly increasing its presence in India by making investments in manufacturing facilities in the southern part of the country, as part of its strategy to diversify away from China.
V Lee, Foxconn’s representative in India, made this announcement in a LinkedIn post to commemorate the 73rd birthday of Indian Prime Minister Narendra Modi. Lee stated that the company aims for “another doubling of employment, foreign direct investment (FDI), and business size in India” within the coming year. Foxconn already operates an iPhone manufacturing facility in the state of Tamil Nadu, employing 40,000 individuals.
In August, the state of Karnataka announced that Foxconn would invest $600 million in two projects within the state, focusing on the production of casing components for iPhones and chip-making equipment.
Foxconn’s Chairman, Liu Young-way, expressed his optimism about India during an earnings briefing the previous month, indicating that the company sees substantial potential in the country and stating, “several billion dollars in investment is only a beginning.
