- Foxconn, a major supplier of Apple, is investing approximately $700 million to build a new plant in Karnataka, India. This development reflects the current shift of American firms away from their reliance on China, as the tension between the U.S. and the Chinese government continues to mount. India and Vietnam have become the leading candidates to replace China's power in manufacturing and provision.
- Government officials have verified that Foxconn will be constructing an iPhone parts factory on 300 acres of land close to Kempegowda International Airport in Bengaluru. This is one of Foxconn's most extensive investments in India, and it is expected to generate 100,000 jobs.
Why it matters
Foxconn and other technology suppliers have explored options for diversification away from China, which has been a hub for manufacturing for a long time, due to the difficult circumstances brought about by COVID-19 lockdowns and manufacturing disruptions. This sparked huge discontent among citizens, with videos of Foxconn workers fleeing the factory producing iPhones widely shared on social media.