Taiwanese tech giant Foxconn has announced plans to double its investment in India over the next year. A Foxconn exec made the announcement on LinkedIn while wishing Prime Minister Modi a happy 73rd birthday.
What’s behind Foxconn’s move?
- 🧲 Pull factors -India offers incentives and a large workforce
- 🔙 Push factors -Foxconn is China’s largest private employer and Apple’s largest iPhone manufacturer, so there’s value in hedging against political risk amidst deteriorating US-China ties, and
- 🕊️ Saving face – There’s probably also some damage control at play, after Foxconn ditched a $19.5B Indian joint venture in July.
Intrigue’s take: As spooked governments take a more assertive approach to protecting their economies, business leaders are increasingly cosying-up to key decision-makers. And yes, sometimes that means swallowing your pride, logging onto LinkedIn, and sending a slightly cringe birthday message to a world leader (while promising billions in new investment).
Stay on top of your world from inside your inbox.
Subscribe for free today and receive way much more insights.
Trusted by 99,000+ subscribers
No spam. No noise. Unsubscribe any time.
Also worth noting:
- Apple is hoping to manufacture 18% of its iPhones in India by 2025, up from 7% in FY22-23.
- Foxconn’s founder is currently running for president in Taiwan.
