Padma Awards 2024: Foxconn CEO Young Liu honoured with Padma Bhushan, in strong message to China

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India has awarded its third highest civilian honour, the Padma Chushan to Taiwan’s Liu Young-way, the Chief Executive Officer of Foxconn, in a move that will send a very strong message to the Communist Party of China.

The 66-year-old Liu is set to receive the accolade in a ceremony later this year, with the presentation to be made by the President of India. The announcement of the 132 recipients across various Padma categories was made on the eve of India’s Republic Day.

This recognition comes amid Prime Minister Narendra Modi’s efforts to attract foreign investments and position India as the next manufacturing hub in Asia. It aligns with the broader context of global initiatives to shift supply chains away from China, led by the United States and its allies.

Liu Young-way had previously visited New Delhi and held discussions with Prime Minister Modi in March. Foxconn, in a statement, expressed its commitment to building an ecosystem in India, fostering collaboration and growth among stakeholders.

In a strategic move, Foxconn recently revealed plans to establish a chip packaging and testing plant in India in collaboration with HCL Group, a local technology firm. The company, a major supplier for Apple, had previously announced investments totalling $1.6 billion in India in November, aiming to diversify its operations away from China.

In 2019, the company initiated the production of Apple’s iPhone XR at its manufacturing facility in India. Building on this milestone, by 2023, the same facility had expanded its capabilities to include the manufacturing of the latest iPhone model, the iPhone 14.

Simultaneously, India has actively encouraged Taiwan Semiconductor Manufacturing Company (TSMC), the island’s leading semiconductor firm, to consider establishing a fabrication plant in the country.

Unofficial ties between India and Taiwan have deepened, with trade increasing from just over $1 billion in 2001 to $7 billion in 2021. Further underscoring this trend, a third Taipei Economic and Cultural Centre, serving as a de facto consulate for Taiwan, was inaugurated in Mumbai last July.



from Firstpost India Latest News https://ift.tt/u2wPSMs
Mehul Reuben Das

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