Foxconn head Young Liu supporting PM Modi’s Make-in-India initiative

Hon Hai Technology Group (Foxconn) Chairman and CEO, Young Liu said that in future India will be an important country with regards to manufacturing.  

In Taipei, in an interaction with reporters, he said that the development of the entire ecosystem and industrial chain, and opportunities for development in India are "very, very huge opportunities".

"If there is no big change, India will be a very important country in terms of manufacturing in the future," Liu said.

In the past, China took 30 years to build the entire supply chain ecosystem, he further added that while it will take an "appropriate amount of time in India" and the process will be shorter given the experience.

He noted that the environment has undergone changes, citing the advent of new technologies like AI and generative AI.     

This year in July, during SemiconIndia 2023, Foxconn said that the company is hopeful about the direction of India’s semiconductor roadmap. It also assured that Taiwan will remain India's most trusted and reliable partner.

"Let's do this together," the top boss of Foxconn had said at that time.

Government sources noted that the Foxconn chief is backing PM's Make-in-India.

Highlighting the recent media interaction in Taipei, sources said that Liu stated that reforms and policies in India have created huge opportunities for the development of the entire electronics manufacturing ecosystem.   

It is pertinent to mention that India is wooing global IT and electronics players with policy sweeteners and incentive schemes, making a push to position itself as a global hub for hi-tech manufacturing.

Recently, as many as 40 companies, including big names like Foxconn Group, HP, Dell and Lenovo, applied for incentives under India's Production Linked Incentive (PLI) IT hardware scheme for manufacturing laptops, PCs and servers.

Last month, Foxconn also said it sees the potential of investing several billions of dollars in India if it gets to completely implement its plan.

In Foxconn's second quarter earnings call in August, Liu highlighted that its Indian arm has achieved a turnover of close to $10 billion on an annual basis and there is a lot of investment potential in India.

He mentioned that in India the company operates about nine campuses.