Taiwan’s Foxconn is investing about $700 million in a new plant in India to boost production of iPhone components.
Apple’s partner, the Taiwanese company Foxconn, will build a factory for the production of components for the iPhone in the city of Bangalore (Karnataka) in India. On Friday, March 3, according to Bloomberg.
It was noted that the company is planning to invest about $700 million in a new plant in India to increase production of iPhone components. This indicates an acceleration in the transfer of production from China to neighboring countries, especially Vietnam and India, as tensions between the US and China grow.
Foxconn’s capital investment in the venture will be one of its largest ever in India. According to the agency, the plant will create about 100,000 jobs.
In the Indian state of Tamil Nadu, one of Foxconn’s factories is already up and running, producing the latest iPhone models.
The Indian authorities have offered several financial incentives to foreign electronics manufacturers to accelerate the development of this industry in the country.
The AirPods maker has previously said it wants Apple suppliers to leave China to avoid the consequences of escalating tensions between the US and China.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.