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Foxconn plans to double Indian jobs, investments in 12 months

2023-09-20

Foxconn expressed their intentions to double their workforce and increase investment in India by the following year. The world's largest contract manufacturer of electronics, based in Taiwan, has been swiftly expanding its presence in India by making investments in manufacturing facilities in the southern part of the country, as it seeks to shift away from China.

V Lee, who serves as Foxconn's representative in India, conveyed in a LinkedIn post on the occasion of Indian Prime Minister Narendra Modi's 73rd birthday that the company was targeting a twofold increase in employment, foreign direct investment (FDI), and business scale in India within the next year. Foxconn presently operates an iPhone manufacturing plant in the state of Tamil Nadu, employing 40,000 individuals.

In August, the state of Karnataka announced that Foxconn had committed to investing $600 million in two projects within the state, aimed at producing casing components for iPhones and manufacturing chip-making equipment.

During an earnings briefing last month, the company's Chairman, Liu Young-way, articulated his belief in the substantial potential of India, stating that "several billion dollars in investment is only a beginning."

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