PM Modi meets Foxconn chairman Young Liu

New Delhi: Amid Foxconn’s plans to ramp up semiconductor manufacturing in South Asian markets, chairman of Hon Hai Technology Group (Foxconn) Young Liu met Prime Minister Narendra Modi on Tuesday.

They discussed various topics aimed at enhancing India’s tech and innovation eco-system, the Prime Minister’s Office said in a statement on Wednesday.

In response to a tweet by Hon Hai, PM Modi on Wednesday tweeted, “Had a good meeting with Mr. Young Liu. Our discussions covered various topics aimed at enhancing India’s tech and innovation eco-system.”

“Chairman Young Liu is visiting India. Today we had a warm meeting with Honourable Prime Minister @narendramodi and updated him on our good progress in the country. Foxconn will continue to build an ecosystem in India allowing all our stakeholders to share, collaborate and thrive,” the Foxconn group had tweeted on Tuesday.

Taiwanese electronics giant Foxconn, the largest supplier of iPhones and iPads for Apple, is betting big on the semiconductor market in India, having announced a ₹1.54 trillion investment plan with mining company Vedanta through a 40:60 joint venture for building a display fabrication unit, an integrated semiconductor fabrication unit and an outsourced semiconductor assembly and test (OSAT) facility, in Gujarat.

The venture also plans to make use of the ₹76,000 crore financial incentive scheme set up by the government to encourage semiconductor manufacturing. Mint reported on 12 January that the proposal by Vedanta-Foxconn joint venture in Gujarat was likely to be the first one to get the government’s stamp of approval.