The investment plans by Hon Hai Technology Group (known as Foxconn) will help India become a global manufacturing hub, Union Minister for Railways, Electronics and IT and I&B, Ashwini Vaishnaw, said on Friday.

The Minister met Young Liu, Chief Executive Officer and Chairman of Foxconn, in the national capital.

In a post on social media platform X, Minister Vaishnaw said: “As we strive to make Bharat a global manufacturing hub, thanks to Foxconn’s Chairman Young Liu for his continued investment plans.”

Liu earlier met Prime Minister Narendra Modi and discussed several opportunities in “futuristic sectors” like artificial intelligence (AI), semiconductors, local electronics manufacturing and more.

In his Independence Day address to the nation, PM Modi said that the country has the potential to fulfil the dream of developing a ‘Made in India’ chip for every piece of equipment.

The Prime Minister emphasised that there was a time when we used to import mobile phones but today, we have created a manufacturing ecosystem in the country and India has emerged as a big manufacturing hub.

Semiconductors, modern technologies and artificial intelligence are “inextricably linked to our future and we have started working on the Indian Semiconductor Mission,” said PM Modi.

A key Apple supplier, Taiwanese technology giant Foxconn leads the total iPhone exports from the country, at about 65 per cent, from its factory in the country.

Liu was conferred the Padma Bhushan in January this year, and said that he was "deeply honoured" to receive the award from the Indian government.

Foxconn, which manufactures around 70 per cent of iPhones globally, is investing heavily towards local manufacturing in the country.

The Taiwanese contract manufacturer plans to invest $1.54 billion in the country to help it fulfil "operational needs."

The company will invest an additional Rs 3,300 crore in its manufacturing facility in Telangana. This will take the total investment of the company in the state to more than Rs 4,550 crore.