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).
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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.