Foxconn Technology Group, an Apple Inc. partner, aims to treble its investment and employment in India, underscoring the rapid exodus of manufacturing from China as tensions between the United States and China increase.
The Taiwanese corporation intends to increase the scale of its operation in the South Asian nation, according to Lee, the Foxconn India representative, in a LinkedIn post published on Sunday.
The entry of Foxconn into India serves as a reminder of how China runs the risk of losing its position as the world’s top producer of consumer electronics. For alternate markets like India and Vietnam, Apple and other US companies rely on their Chinese suppliers. The pandemic and the crisis in Ukraine have hastened a reimagining of the global supply chain that might alter how electronics are made globally.
Foxconn has already established nine manufacturing campuses and more than 30 facilities in India, where the company employs tens of thousands of workers. Hon Hai Chairman Yang Liu last month reiterated Foxconn’s desire to grow investment in India.
According to Liu, the business, which currently generates around $10 billion in yearly revenue, is just beginning to expand further across the nation.