Foxconn CEO highlights India’s rising role in manufacturing

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Foxconn CEO highlights India’s rising role in manufacturing

Foxconn CEO highlights India’s rising role in manufacturing

Industry News
Sep 08,23

During an interview with journalists in Taipei, the head of the Taiwanese electronics manufacturing giant expressed his views on India's potential stating, "The development possibilities in India are truly enormous."

Foxconn CEO highlights India’s rising role in manufacturing

Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn), recently emphasised India's growing significance in the world of manufacturing. His remarks contribute to a global consensus recognising India's ambitious efforts to establish itself as a prominent hub for electronics and high-tech production.

During an interview with journalists in Taipei, the head of the Taiwanese electronics manufacturing giant expressed his views on India's potential. Liu underscored the vast opportunities presented by India's burgeoning ecosystem and industrial chain, stating, "The development possibilities in India are truly enormous."

Liu confidently asserted, "Unless there are significant changes, India will unquestionably become a pivotal player in the global manufacturing landscape." Drawing a comparison, he pointed out that it took China three decades to establish its complete supply chain ecosystem. However, he believes that India's journey will be expedited due to the lessons learned and shorter timeframes. He also acknowledged the evolving technological landscape, with advancements like AI and generative AI shaping the industry.

Earlier this year, during the SemiconIndia 2023 event, Foxconn expressed optimism about India's semiconductor roadmap and reaffirmed Taiwan's commitment to being India's most reliable partner.

Liu emphasised that India's recent reforms and policies have opened up substantial opportunities for the growth of the entire electronics manufacturing ecosystem, as he conveyed during a media briefing in Taipei.

India has been actively enticing global IT and electronics giants with favourable policies and incentive programs, positioning itself as a global centre for high-tech manufacturing. Leveraging its skilled workforce, vibrant market, and supportive policies, India aims to attract significant investments in electronics, semiconductor production, and global value chains.

Notably, a diverse group of 40 companies, including industry leaders such as Foxconn Group, HP, Dell, and Lenovo, have applied for incentives under India's Production Linked Incentive (PLI) IT hardware scheme, focusing on manufacturing laptops, PCs, and servers.

Foxconn has also indicated its readiness to invest billions of dollars in India if its plans are fully realised. Liu mentioned during Foxconn's second-quarter earnings call in August that the company's Indian branch achieved an annual turnover of nearly USD 10 billion, underlining the immense investment potential in India.

Source: Business Standard