Foxconn $5 billion investment plan in India scrapped

[Song Hong]

Foxconn has scrapped plans for a $5 billion manufacturing plant in India, citing multiple economic factors.

Industries minister Subhash Desai confirmed to media outlets in India on Monday that the deal was dead. Foxconn signed a memorandum of understanding in 2015 to build the plant to make mobile phones and components and help create up to 50,000 jobs by 2020, according to the Times of India.

https://www.wpr.org/foxconn-scraps-5b-manufacturing-plant-india

 

[Foxtrot Delta]

Hopefully they move it to pakistan or bangla- desh.

 

[Song Hong]

India can't produce Iphone.

She can only produce CEOs for USA.

 

[Pakistan Space Agency]

What happened? Is it due to rise of Hindu Extremism in India?

 

[Yaseen1]

no one will invest in country controlled by extremist hindus where massive protests are occurring across country

 

[UKBengali]

Indian economy slowing down(growth has been proven to not be sustainable) and the current rise of Hindu fundamentalism is scaring away foreign investors.

This is a good opportunity for BD to pitch to get the factory instead, or even a smaller version of it at least.

 

[Nike]

Wish they build semiconductor factory in Indonesia

 

[Imran Khan]

stupid Pakistani gov should make tax free and other helps to bring industry in pakistan .

 

[Pakistani Fighter]

Foxconn has scrapped plans for a $5 billion manufacturing plant in India, citing multiple economic factors.

Industries minister Subhash Desai confirmed to media outlets in India on Monday that the deal was dead. Foxconn signed a memorandum of understanding in 2015 to build the plant to make mobile phones and components and help create up to 50,000 jobs by 2020, according to the Times of India.

https://www.wpr.org/foxconn-scraps-5b-manufacturing-plant-india

Plz come to Pakistan

 

[bananarepublic]

Plz come to Pakistan

What does Pakistan offer foxxcon that they will invest here?
India had both its market and assembly expertise to leverage foxxcon in investment

 

[Nike]

What does Pakistan offer foxxcon that they will invest here?
India had both its market and assembly expertise to leverage foxxcon in investment

But in the end they scrap it, so the leverage is not in place

 

[koolzberg]

https://www.firstpost.com/tech/news...of-5-billion-investment-in-india-7879691.html

It was earlier reported that Foxconn had called off its plans of building more manufacturing units in the state of Maharashtra. However, a new report says that the Taiwanese electronics firm hasn’t cancelled the deal.

The previous reports stated that Maharashtra’s minister for industries Subhash Desai said, “There is no chance of Foxconn exercising its commitment for investment in the state, as it is facing some problems related to its business.” He mentioned that the company had an "internal dispute" with Apple, one of its largest clients, owing to which it was cancelling the deal.

However, Foxconn has now denied the reports with a statement from its parent company Hon Hai. It also stated that the claim of an “internal dispute” with one of its major clients was also inaccurate. In the report by Focus Taiwan, Hon Hai said that it will establish 10-12 facilities in India this year.

Back in 2015, Foxconn had signed a memorandum of understanding (MoU) with the Maharashtra state government for an investment of $5 billion (Rs 35,000 crore) over five years. The firm had planned to set up a manufacturing plant near Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai. It also planned to buy 44 acres of land in the same area’s special economic zone (SEZ). According to Hon Hai’s statement, the group’s production in India is going on smoothly.

 

[Paul2]

What happened? Is it due to rise of Hindu Extremism in India?

Taiwanese industrial supergiant did not survive its first encounter with Indian bureaucracy.

 

[Goku]

https://www.firstpost.com/tech/news...of-5-billion-investment-in-india-7879691.html.
Now there are conflicting reports so only time will tell.
Also Apple has begun assembling iPhone in India - IphoneXR.
If anyone doubts google images you will see Assembled in India on the box.

 

[OldenWisdom...قول بزرگ]

For Pakistan, this is the fastest way to industrialize it's economy. Bring companies in from all over the world with controlling stakes(government or gov/private) in domestic corporations brought in through government incentives, tax breaks and direct investments. Government can target industries such as cell phone components, batteries, car/truck parts, electric motors, bus and truck body makers, industrial tool manufacturers, ship builders... when you build accompanying industries, innovation takes hold overtime with people experimenting with different things and making relevant and much needed products. Obviously, robotics, software, AI and aviation is the future and having relevant component manufacturers shifting to Pakistan will bring much needed skills and more importantly an ecosystem for future progress.