A man walks past the fence of India’s first Apple retail store that is about to open, at Jio World Drive Mall, in Mumbai, India, April 5, 2023.
Francis Mascarenhas | Reuters
Command Apple global supplier and manufacturing powerhouse Foxconn pulled out of a $19.5 billion joint venture with an Indian consortium that would have brought semiconductor and display production to the Indian state of Gujarat.
“Foxconn has determined that it will not continue its joint venture with Vedanta,” the Taiwanese company said Reuters in a statement. The move is a blow to Indian Prime Minister Narendra Modi’s ambitions to transform the country into a global high-tech manufacturing powerhouse.
American companies, apple among thempushed their suppliers to diversification their supply chains outside of mainland China, as geopolitical and economic tensions mount. Foxconn has broken ground on multiple factory locations across India, although the $20 billion joint venture with Vedanta will be one of the largest.
The parting took place when the leaders of the United States and China and business manager work through an uncomfortable and sometimes dangerous roadwith both threads between their admission co-dependency And harsh rebuke their partners.
The US government and major tech companies have begun to openly identify China’s technological advances and dominance in manufacturing as the main threat to national security. Several US corporations, long victims of Chinese state-sanctioned industrial espionage, are re-evaluating Chinese activities as part of so-called “minimization” efforts. risk”.
Foxconn continues to build other factory across India including one in Telangana And one in Bangalore.
