‘IT Stands for India, Taiwan:’ Foxconn is very optimistic of where India is headed in Global Semicon

Following Prime Minister Modi’s address to tech companies, investors and all other attendees at the Semicon India 2023 exhibition at Gandhinagar, Gujarat, Young Liu, Chairman of Taiwanese tech manufacturing giant Foxconn said that Taiwan will continue to be “India’s most trusted and reliable partner.” “Let’s do this together,” the chairman said addressing Semicon India 2023. Foxconn has planned to set up at least 4-5 chip fabrication units in India and has been looking for manufacturing partners. Even though the joint venture between Foxconn and India’s Vedanta fell through for a variety of reasons, Foxconn has stated that they have complete confidence in India’s Semicon ambitions, putting out a statement that read, “Foxconn is committed to investing in India. We have no intention to do anything but continue to strongly support the government’s ‘Make In India’ ambitions and establish a diversity of local partnerships that meet the needs of stakeholders.” Speaking at the Semicon India 2023 exhibition, Chairman Young Liu said, “Where there is a will there’s a way, I can feel the determination of the Indian government. I am very optimistic of the way India will be headed.” He then went on to say, “PM Modi, once told me that IT stands for India and Taiwan. Prime Minister Modi, Taiwan is and will be your most trusted and reliable partner.” Foxconn is set to establish a chip fabrication unit in India, even though it is not with Vedanta as it had initially hoped. For that, the Taiwanese manufacturing giant is in discussions with several technology partners that would help them facilitate manufacturing silicon chips in India. Reports have suggested that Foxconn may be partnering up with Taiwan’s TSMC and Japan’s TMH for the project it had initially planned with Vedanta. Besides that, Foxconn is in discussions with the Tamil Nadu government to set up a components manufacturing unit in the state, somewhere near Chennai, where it already has one of India’s largest Apple factories. As per reports from Reuters, the company presented a plan to invest an initial sum of $180-200 million in the facility. However, it remains uncertain whether the components produced at this new plant will be utilized for iPhones or other products manufactured by the company. Apart from Tamil Nadu, Foxconn is also in negotiations with Gujarat as it endeavours to venture into India’s semiconductor sector.