Foxconn, the largest iPhone manufacturer in the world, has announced plans to double its investment in India – as companies continue to change course from China amid heightened tensions with the US.
According to a Foxconn representative, the Taiwan-based company plans to double the size of its current business in India.
“We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India,” V Lee posted on LinkedIn on Sunday (17 September).
The Apple partner already runs over 30 factories and nine production campasses in the country, employing tens of thousands workers.
According to GlobalData’s Job analytics, India hired more than double the technology staff hired in China from 12 June 2023 to 12 September 2023.
India hired just over one million workers in the tech industry across the three month period, while China hired 401,000.
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President Modi said he wants this to be a "techade" for India and has put laws in place which make it easier for technology companies to invest in the country.
In May, Foxconn announced a $500m investment in manufacturing plants in the Indian state of Telangana. According to Telangana’s IT minister, K.T Rama Rao, the factory will create 25,000 direct jobs in the first phase.
The news of another potentially huge investment from Foxconn in India comes as more and more companies look to separate themselves from China.
China, which for decades has been a go-to hub for manufacturing, is at risk of losing its dominant status as the largest producer of consumer electronics.
The export controls on semiconductors enforced by the US last year is likely to have a wide-reaching effect on technology companies globally.
However, the re-assessment of manufacturing locations has also been pushed on by global supply chain issues caused by the pandemic and the Ukraine war.
Our signals coverage is powered by GlobalData’s Thematic Engine, which tags millions of data items across six alternative datasets — patents, jobs, deals, company filings, social media mentions and news — to themes, sectors and companies. These signals enhance our predictive capabilities, helping us to identify the most disruptive threats across each of the sectors we cover and the companies best placed to succeed.