Karnataka discusses investment plans with Foxconn

A high-level delegation from the Government of Karnataka met Hon Hai Technology Group (Foxconn) Chairman Young Liu, at the company headquarters in Taiwan, on Wednesday, and held discussions on investment plans in the state.

The delegation consisted of Gunjan Krishna, Commissioner for Industrial Development and Director of Industries and Commerce, and Kedarnath Mudda, Senior Advisor to Basavaraj Bommai, Chief Minister of Karnataka.

Foxconn's spokesman James Wu, Chief Investment Officer James Tu, and other executives were also present on the occasion, said an official release.

"Foxconn's potential investment in Karnataka will be a testament to the state's industrial landscape. We are working towards building the best electronics and manufacturing ecosystems, which will attract further investments in the sector," said Bommai.

Foxconn is said to be the world's largest electronics manufacturer, with a total revenue exceeding NT$ (New Taiwan dollar) 6 trillion in 2022. As of last year, it ranks 20th in the Fortune Global 500 list. Foxconn has 173 campuses and offices in 24 countries/regions around the world.

The company's primary product segments include smart consumer electronics (smartphones, TVs, game consoles, among others), cloud and networking products (servers, communication networks), computing products (computers, tablets) and components, and others (connectors, mechanical parts, services).

"With a strong and stable industrial policy, our aim is to make Karnataka a key electronics and manufacturing hub," Murugesh Nirani, Minister of Large and Medium Industries, Karnataka. "With Foxconn's potential investment, the state is gearing up to be the topmost in the country to attract many other global electronics companies," he said.

Gunjan Krishna said the government would like to extend full support to Foxconn and is thrilled to see Karnataka being considered a potential investment destination. "Our investment-friendly policies and processes will further facilitate them to grow in the state," she said.