PM Modi Meets Foxconn Chairman to Discuss Investments in Futuristic Sectors
Prime Minister Narendra Modi engaged in a crucial meeting with Young Liu, Chairman and Chief Executive Officer of Hon Hai Technology Group, widely known as Foxconn. The discussions focused on investment opportunities in emerging sectors, including artificial intelligence (AI), semiconductors, and local electronics manufacturing.
Foxconn, a leading Apple supplier, is responsible for approximately 65 percent of iPhone exports from India through its domestic factories. PM Modi expressed his enthusiasm for the meeting on X, stating, “Wonderful to meet Mr. Young Liu, the Chairman of Hon Hai Technology Group (Foxconn)”. He emphasized the “wonderful opportunities India offers in futuristic sectors” and lauded the company’s interest in expanding its footprint in the country.
The Prime Minister and Liu deliberated on Foxconn’s investment plans in several Indian states, notably Karnataka, Tamil Nadu, and Andhra Pradesh. Liu, who was awarded the Padma Bhushan in January, acknowledged the significant role of Indian government reforms and policies in fostering the growth of the electronics manufacturing sector. He affirmed that India holds a crucial position in the future of global manufacturing.
Foxconn is set to invest $1.54 billion in India to meet its operational requirements. The company's iPhone assembly plant in Tamil Nadu, which employs over 40,000 individuals, will see a new Rs 1,600 crore electronics components unit established, creating over 6,000 jobs. Additionally, Foxconn plans to inject Rs 3,300 crore into its Telangana facility, bringing its total investment in the state to over Rs 4,550 crore.
This expansion aligns with India’s ambitious goal of achieving $300 billion in overall electronics production by FY26. Over the past decade, the export of electronic goods from India has surged, driven largely by iPhone exports.
The continued investment and development by Foxconn underscore India’s growing significance in the global electronics manufacturing landscape.