Taiwanese firm Foxconn’s decision to invest a whopping USD five billion in India has caused unease in China as it marks the first top international firm opting for India amid a slowdown in the Chinese economy.
“Foxconn chooses India over China for new plant,†read the headline in state-run china.org.cn while carrying the news of the Taiwanese electronic giant signing up to set up a big plant in Maharashtra.
“Foxconn’s latest India investment represents the leading electronic product maker’s intention to profit from the world’s fastest expanding market of smartphones. Foxconn, famous for making parts for Apple, will reportedly produce Xiaomi phones in the new factory, a rumour that Foxconn authorities did not clarify or comment,†it said.