February 2024 \ Business & Investment \ Business News

New Delhi: Young Liu, CEO and Chairman of Taiwanese technology giant Foxconn who has been conferred the Padma Bhushan, has said he is “deeply honoured” to receive the award from the Indian government. The award came as Foxconn, which manufactures around 70 per cent of iPhones globally, is investing heavily towards local manufacturing in India.

“My heartfelt thanks to the Prime Minister, President and the wonderful people of India for this tremendous distinction. I firmly believe this is an affirmation of a collaboration that benefits India’s long-term development and supports the growth of local economies,” said Liu. “I will continue to inspire my team. Let’s do our part for manufacturing in India and for the betterment of society,” he added.

In 2023, Liu had said that reforms and policies in India have created huge opportunities for the development of the entire electronics manufacturing ecosystem. “India will be a very important country in terms of manufacturing in the future,” Liu had said.

In November 2023 the Taiwanese contract manufacturer Foxconn said it plans to invest $1.54 billion in India, as the country doubles down on local manufacturing. In a stock exchange filing, Foxconn said that the investment will help it fulfil “operational needs.”

Foxconn already has an iPhone factory in Tamil Nadu, which employs 40,000 people and has signed an agreement to invest Rs 1,600 crore in a new electronics components unit in the state that will create 6,000 jobs. The company also announced that it will be investing an additional Rs 3,300 crore in its manufacturing facility in Telangana. This will take the total investment of the company in the state to more than Rs 4,550 crore.

Foxconn chairman Liu recently visited India to attend the ‘SemiconIndia 2023’ event hosted for global semiconductor companies that was inaugurated by Prime Minister Narendra Modi in Gandhinagar. Speaking at the event, the Foxconn chairman said, “I can feel the determination of the Indian government. I am very optimistic about where it’s headed.”

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