Apple manufacturer Foxconn reckons it will create one million jobs in India by 2020 – nearly the entire number of its current Chinese workforce – according to reports.
Hon Hai otherwise known in the West as Foxconn, last month revealed it was setting its sights on India due to increasing wage costs in China.
The firm has not released any more details or elaborated on what the plans will mean for its Chinese manufacturing base. However, it does appear to be slowly fleshing out a relocation move.
“We have significant plans for India and we see huge potential in the country,” a Foxconn spokesman told the Financial Times in a statement.
“This includes plans to establish 10 to 12 manufacturing facilities in the country by 2020, which would generate around a million job opportunities," the company said.
The figure were first revealed on Friday when Terry Gou, chairman of the company, told the Indian Economic Times it would set up the manufacturing plants, in five states and expand to other states across the country by 2020 creating "at least one million jobs."
Despite its cost-cutting relocation moves, the firm is not short of cash. Profits increased 30 per cent to NT$130.53bn (£2.8bn) in 2014.
Foxconn currently employs around 1.2 million people in China. ®
Updated to Add
A spokesbeing from Foxconn has been in touch to tell the Reg:
Foxconn has no plans to downsize our presence in China, now or in the future.
So that's on the record.