Sunday – 12 Shaaban 1444 AH – 05 March 2023 CE Issue Number [16168]
London: «Asharq Al-Awsat»
Taiwanese tech giant Foxconn confirmed Saturday that its chairman had visited India, but denied entering into “any binding and final agreements” after reports it was planning new investments in the country.
Foxconn, also known by its official name Hon Hai Precision Industry, is the world’s largest contract electronics manufacturer and major assembler of iPhones.
The two companies are seeking to diversify away from China, where much of their manufacturing operations are concentrated, after Beijing’s strict anti-Covid policies last year and ongoing diplomatic tensions with the United States that hit production.
Foxconn said in a statement on Saturday that it did not enter into any final agreements during the visit of the company’s Chairman and Chief Executive Officer Yong Liu to India from February 27 to March 4.
She added, “(Foxconn) did not enter into any binding and final agreements for new investments during this trip.” And she continued, “Negotiations and internal review are ongoing. The financial investment amounts reported by the media are not information published by Foxconn.
The statement comes after Karnataka Chief Minister Basavaraj S Bommai tweeted on Friday that “Apple phones will soon be produced in our state. In addition to allowing the creation of 100,000 job opportunities, this will provide many opportunities in the state of Karnataka.
For its part, Bloomberg News reported, citing unnamed sources, that Foxconn plans to invest $700 million in a new factory in Karnataka state.
The office of the chief minister of neighboring Telangana state, Chandraskar Rao, also tweeted that Liu signed an agreement Thursday “to set up electronics manufacturing facilities”.
“Foxconn” indicated that the employment figures that are currently being circulated “do not match the direct jobs” with the company.
