Foxconn aims to double the number of jobs and investments in India in the next 12 months – 09/17/2023 at 16:13.

Sept 17 (Reuters) – Apple supplier AAPL.O Foxconn 2317.TW plans to double its workforce and investment in India next year, a company executive said on Sunday.

Taiwan-based Foxconn, the world’s largest contract electronics manufacturer, is rapidly expanding (connecting) its presence in India by investing in manufacturing facilities in the southern part of the country, as the company looks to move away from China.

V Lee, Foxconn representative in India, said in a message posted on LinkedIn (link) on the occasion of Indian Prime Minister Narendra Modi’s 73rd birthday that the company is “targeting further doubling of employment, FDI (foreign direct investment) , and company size in India” on the same date next year.

He did not provide further details.

Foxconn already has an iPhone factory in Tamil Nadu state, which employs 40,000 people.

In August, Karnataka state said Foxconn would invest $600 million in two projects to produce iPhone casing components and chip-making equipment.

The company’s chairman, Liu Young-way, said in an earnings report last month at (link) that he saw huge potential in India, adding that “an investment of a few billion dollars is just the beginning”: “an investment of a few billion dollars is just the beginning”.

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