Foxconn, formally recognised as Hon Hai, established its presence in India back in 2005, marking the beginning of its manufacturing journey within the country. The company holds a positive outlook on India's potential to evolve into a global manufacturing hub. Young Liu, Chairman of Hon Hai Technology Group said that India is emerging as a manufacturing powerhouse of the future.

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"From the developments in India over the last few years, everyone can see that India’s turn has come to fully develop as a country. India will be a very important country for manufacturing in future," said Liu.

Liu emphasised the opportunities India offers for the development of ecosystems and industrial chains. Comparing India's current trajectory to China's past, he acknowledged that while it took more than three decades for China to build its manufacturing ecosystem, India is poised to achieve a similar feat in a shorter time frame.

He cited India's existing experience and the evolving global landscape as factors contributing to this accelerated growth. Unlike the early stages of China's development, India now has access to generative Artificial Intelligence (AI) and other cutting-edge technologies, which can expedite the process of ecosystem development.

Additionally, the Times of India reported that, speaking to reporters in Taipei on Wednesday, Liu said that Foxconn will expand its operations in India as business grows on higher consumer purchases. "Foxconn continues to expand its presence in India in response to customer needs," the chairman said in a statement in Taiwan.

Further, Liu said that Foxconn will have an EV factory in India very soon and added that the company has plans to build EV factories in Ohio and Thailand. Liu recently met PM Narendra Modi in Gujarat at Semicon India 2023.

As per Foxconn company data, India now accounts for $10 billion of Foxconn’s annual revenue, which is 4.6 per cent of the company’s $216 billion revenue in 2022 and more than double the 2 per cent registered in 2021.