PM Narendra Modi meets Foxconn Chairman – Discusses Hon Hai Technology Group’s investment plans in India
16 August 2024: On the occasion of Independence Day 2024, the Prime Minister of India Narendra Modi met Young Liu, the Chairman of Hon Hai Technology Group (Foxconn). Highlighting the wonderful opportunities that India offers in futuristic sectors, PM Modi discussed Foxconn’s investment plans in India, as per a post on social media platform ‘X’ (formerly Twitter).
“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,” the post mentioned.
Last year, Prime Minister Narendra Modi’s Birthday had provided the screen printing community in India with much reason to rejoice. According to media reports, a LinkedIn post to mark the Indian PM’s 73rd birthday mentioned that Foxconn is aiming for another doubling of employment, FDI (foreign direct investment), and business size in India.
Foxconn already has an iPhone factory in the state of Tamilnadu, which employs 40,000 people, which is why screen printers are eagerly awaiting the number of mobile phones produced by Foxconn being substantially increased as it means more business for them.
During the month of August 2023, the state of Karnataka had announced that Foxconn would be investing $600 million for two projects in the state to make casing components for iPhones and chip-making equipment. Following that, media reports had also cited the company’s Chairman Liu Young-way, stating at an ‘earnings briefing’ recently that he sees a lot of potential in India, wherein he had added that several billion dollars in investment is only a beginning.
Foxconn is said to be the world’s largest contract manufacturer of electronics. Ever since Foxconn entered India in 2005, it has been notably expanding its presence and employee base in India quite rapidly by investing in manufacturing facilities in the southern region of the country. This is considered to be part of the company’s strategy to consciously shift its focus from China towards India.
