Apple’s supplier Foxconn marks India for further investment

Taiwan’s Foxconn, a major electronic manufacturer for various companies, is planning to expand its presence in the subcontinent by investing in India. The multinational manufacturer is planning to invest in India, seeing the favorable conditions for manufacturing. Chairman Liu Young-way announced in the annual general body meeting about his plans regarding the expansion of operations. Foxconn had to halt its manufacturing in the wake of coronavirus but resumed production soon after. They recorded the lowest profits from January to March quarter in the last two decades. As there were no cases in their factories, they were allowed to resume production. He said India was a bright spot for future development but couldn’t be counted on right now because of the virus’s existing presence. “We are fully pushing ahead with the next steps there, and maybe in a few months’ time, we can reveal on our website the next steps and report back to everyone. We’ll have a further investment there,” Liu said. No details were revealed at the moment, but they promised that the company would show their ideas with a step by step procedure on their website soon. They said that the worst was over for the company but are at risk if another wave of the virus hit worldwide. They are positive that Q2 will result in better profits for them though much lower than their earning last year during the same period. Foxconn is best known for assembling Apple’s iPhone and will soon expand their business and invest their money and resources in India

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