India to emerge as new manufacturing centre in the world: Foxconn Chairman Liu
File photo.
Taiwanese technology services provider Foxconn's chairman and chief executive officer (CEO) Young Liu has said that India is poised to emerge as the new manufacturing centre in the world, with the supplier ecosystem likely to develop faster than the time it took to come up in China, Indian media reported on Wednesday (September 6). According to a report by the Times of India (TOI), Liu said that Foxconn would expand its operations in India as business grows in higher consumer purchases.
Liu added that Foxconn, which is a major supplier of Apple products, continues to expand its presence in India in response to customer needs. He also said that the supply chain ecosystem, which took over three decades to build in China, is likely to come up faster in India. "There are huge opportunities for the local electronics industry to develop,” the Foxxcon chairman added, TOI reported.
Foxconn has been operating in India since 2005, and Liu has time and again emphasised the growing proximity between India and Taiwan. On July 28, Liu met Indian Prime Minister Narendra Modi in Gujarat's Gandhinagar. Prime Minister Modi welcomed the company's plans to expand semiconductor and chip manufacturing capacity in India.
Foxconn's Q3 outlook better
Foxconn said on Tuesday that revenue in August fell eight per cent year-on-year but the forecast is of a better business outlook ahead of new product releases by Apple. The company said that revenue last month reached $12.93 billion, down 12 per cent from July.
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"With the second half of the year peak season currently underway, operations will gradually ramp up," Foxconn said. "The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on-quarter pace higher than the average level of the previous two years," it added.
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