Foxconn signals Indian expansion to make ... something it will reveal eventually
Seems sensible to assume it's going after India's new electronics investment incentives
Electronics manufacturer to the stars Foxconn has signaled it will make further investments in India.
The company, formally known in its native Taiwan as Hon Hai Technology Group, yesterday conducted its annual general meeting to a small crowd of mask-wearing and somewhat somnambulant investors (check out the video of the less-than-animated crowd).
As is often the case at such events, this was a stage-managed affair that rubber-stamped previously-published annual report.
But Foxconn chairman Young Liu did offer his observation that “In a broader picture, India will be a good place to develop and we are fully working in that direction.”
Liu offered no elaboration on those plans, saying they’d be forthcoming in coming months.
It’s not hard to see why Foxconn is planning further Indian activity: the nation recently launched a plan to make electronics manufacturing its premier industry and put billions of investment incentives on the table to make it happen. India’s plan calls for it to not only satisfy domestic demand but become a contributor to global electronics supply chains. Foxconn already makes some smartphones in India and the breadth of its activities – clients include Apple, Acer, Dell, Cisco and many more – mean it could certainly help India reach its goals.
Chairmain Liu also outlined Foxconn’s plan to expand its Taiwanese efforts around smart medical devices, robotics and electric vehicles.
His speech did not mention further expansion in China, an omission interpreted by some as meaning the explicit mentions of India and Taiwan represent a post-pandemic diversification strategy. ®