Prime Minister Modi Meets Foxconn Chairman Young Liu to Discuss Investment in India
Prime Minister Narendra Modi met with Young Liu, Chairman of Hon Hai Technology Group (Foxconn), to discuss the investment opportunities India offers in futuristic sectors. The meeting took place on Wednesday, and PM Modi highlighted the potential for growth in states like Karnataka, Tamil Nadu, and Andhra Pradesh.
Foxconn, the world’s largest electronics manufacturer, has been actively expanding its business in India. The company aims to double its workforce and investment in the country. Last year, Foxconn signed a Letter of Intent (LOI) with the Karnataka government for two projects worth Rs 5,000 crore. Additionally, Foxconn signed an LOI with the Tamil Nadu government to establish a new mobile component manufacturing facility in Kancheepuram.
Foxconn is also expanding its capabilities in electric vehicles, digital health, robotics, AI, semiconductors, and new-generation communications technology. In 2023, Foxconn’s annual revenue reached USD 198 billion. The company has established R&D and manufacturing centers in various countries, including China, India, Japan, Vietnam, Malaysia, Czech Republic, and the US.
Doubts Revealed
Prime Minister Modi -: Prime Minister Modi is the leader of India. He makes important decisions for the country.
Foxconn -: Foxconn is a big company that makes electronics like phones and computers. They help build gadgets for many famous brands.
Young Liu -: Young Liu is the Chairman of Foxconn. He is the top boss who makes big decisions for the company.
Investment -: Investment means putting money into something to make it better or to earn more money later. Foxconn wants to put money into India to build more factories and create jobs.
Karnataka, Tamil Nadu, and Andhra Pradesh -: These are states in India. They are like big areas with many cities and towns.
Electric vehicles -: Electric vehicles are cars and bikes that run on electricity instead of petrol or diesel. They are better for the environment.
Digital health -: Digital health uses technology to help people stay healthy. This can include apps, gadgets, and online doctor visits.
AI -: AI stands for Artificial Intelligence. It means making computers and robots smart enough to do tasks like humans.
Annual revenue -: Annual revenue is the total amount of money a company makes in one year. Foxconn made USD 198 billion in 2023.