According to Hon Hai Technology Group (Foxconn) chairman and CEO Young Liu, India is poised to emerge as the "new manufacturing center of the world," with the supplier ecosystem developing faster than it did in China.

Liu recently met Prime Minister Narendra Modi at Semicon India 2023 in Gujarat.

Liu told reporters in Taipei on Sept 6 that Foxconn will expand its operations in India as business grows due to increased consumer purchases. "Foxconn continues to expand its presence in India in response to customer needs," said the chairman in a statement released in Taiwan.

Foxconn is looking into opportunities to manufacture electric vehicles (EVs) in India, and Tamil Nadu is one of the states where a plant could be established.

Liu said that if there are not many changes in India, the country will "become a new manufacturing centre" for the world. He also added that the supply chain ecosystem - which took over 30 years to build in China - is likely to come up faster in India, especially as there are huge opportunities for the local electronics industry.