Foxconn CEO Young sees India as new manufacturing hub of the world: Report- QHN

Taiwanese tech giant Foxconn chairman Young Liu believes that India could become the new manufacturing center of the world. Speaking to the press at an event in Taipei, Liu said that if there is no big change, India will be a very important country in terms of manufacturing. Commenting on the company’s future in the country, Foxconn CEO stated that their primary focus will be to do with consumer electronics. However, there are plans to set up an Electric Vehicle (EV) factory in India very soon.

Foxconn CEO Young Liu said that India has the capacity to build the ecosystem faster than China. He said, “the supply chain ecosystem that took more than 30 years to build in China will take appropriate time to transfer to India, but with our experience the time will be shorter.”

“Some of India’s developments over the past few years, everyone can see that. The time has about come for India’s turn to start to fully develop as a country”, the chairman added.

Speaking on Foxconn’s future plans, Liu said that they are considering launching an EV manufacturing plant in India soon, with Tamil Nadu as a potential location. He also said that the company has plans to set up EV factories in Ohio and Thailand.

Young Liu, while speaking recently at the Semicon India conclave held in July in Gandhinagar, where he also met PM Narendra Modi, said that in India’s journey towards development, Taiwan will be its most trusted and reliable partner.  

Foxconn has been operating in India since 2005 and, as per company data, India accounts for 4.6 per cent of Foxconn’s revenue in 2022. In August, it reportedly started the production of the upcoming iPhone 15 in Tamil Nadu which is said to be launched at the Apple’s ‘Wonderlust’ event on September 12.