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Business Standard
11 hours ago
- Business
- Business Standard
iPhone maker Foxconn to invest $2.2 bn in India, US as it shifts from China
The department has also cleared a $1.49 billion investment proposal aimed at increasing capital in Foxconn Singapore Pte Ltd, a subsidiary of the company New Delhi Apple's iPhone assembler Hon Hai, also known as Foxconn, has secured regulatory approval for two of its investment plans worth more than $2.2 billion, in India and the US, news agency Focus Taiwan reported on Tuesday (local time). The Department of Investment Review under the Ministry of Economic Affairs (MOEA) approved the plan for the Taiwan-based manufacturing giant. The department has also cleared a $1.49 billion investment proposal aimed at increasing capital in Foxconn Singapore Pte Ltd, a subsidiary of the company. This Singapore-based unit will, in turn, invest the funds into Yuzhan Technology (India) Pvt Ltd, another entity under Hon Hai's umbrella operating in India. The announcement comes at a time amid trade tensions between the US and China, following which, Hon Hai has now decided to diversify its production out of China, with India being seen as an ideal destination to produce iPhones and their components. Hon Hai will be setting up a new company in the US, after receiving a nod from the MOEA to allocate $375 million from its disposal capital. The company in the US will be in charge of the data center module protection, along with server assembly. Foxconn, Apple shift to India According to a Reuters report, Foxconn ships 97 per cent of iPhones from India for its US market. A move which has been criticised by the US President Donald Trump, who told Apple's Chief Executive Officer (CEO) Tim Cook, 'Tim, you're my friend... but now I hear you're building all over India. I don't want you building in India. You can build in India if you want to take care of India, because India is one of the highest-tariff nations in the world.' Shipments between March and May 2025 were valued at $3.2 billion, with an average of 97 per cent being sent to the US, marking a sharp jump from the earlier 50 per cent monthly average recorded through 2024, Reuters reported. In May, Foxconn also announced plans to move ahead with investing $1.5 billion in a new component factory near Chennai, despite political pressure from Trump to shift production back to the United States. Hon Hai expands global footprint As Hon Hai continues to expand its global footprint, it is now extending its reach in production to countries and regions such as the US, India, Mexico, Vietnam, and Europe. Hon Hai, worldwide, has 223 plants and offices in a total of 24 countries. While it has 54 plants and offices in the US, 12 are in Europe and India each.
Times of Oman
25-05-2025
- Automotive
- Times of Oman
Taiwan's industrial production solidifies on strong AI demand
Taipei: Taiwan's industrial production registered a rise of more than 20 per cent as compared with the same month last year, marking the 14th consecutive month of year-on-year growth, as per Taiwan's Ministry of Economic Affairs (MOEA). The rise was attributed towards the strong global demand for the applications of artificial intelligence, as reported by Focus Taiwan on Friday. The Deputy Head of MOEA's Department of Statistics, Huang Wei-jie, said that demand for AI still served as a driver for industrial production growth. He further added that, the additional boost was provided by the Taiwanese manufacturers, as they rushed to place orders ahead of schedule, in order to take advantage of 90-day pause on reciprocal tariffs announced by the Donald Trump administration on April 9. The industrial production increased by 14.31 percent in the first four months of 2025, reaching 100.40, compared to the previous year. While, the overall industrial production gained 22.31 percent on yoy basis to hit a record high level of 107.51 in April. Specifically, Taiwan's local electronics component industry, in April, reported an increase of 36.48 per cent on a year-on-year basis, as the rising popularity of AI applications and high-performance computing devices lent support. On the other hand, according to MOEA, traditional industries experienced mixed demand, as base metal suppliers reported a 1.25 per cent year-on-year increase in production, owing to greater demand for nonferrous metals like target materials. Meanwhile, machinery manufacturers reported a 4.75 per cent increase, underpinned by continued demand for equipment from semiconductor firms." The base metal industry snapped a four month declining steak in April as the production for the non-iron metal rose in semiconductor production, Huang Wei-jie said. Additionally, the chemical and fertilizer industry decline by 5.87 per cent on year-on year basis, weighed down by falling production due rising price competition. The auto and auto parts sector also experienced a 2.15% year-on-year production decline due to a shortage of passenger car components. Moving forward, while global demand for emerging technologies is anticipated to bolster Taiwan's semiconductor and server production, MOEA official Huang cautioned that U.S. trade policies and ongoing geopolitical tensions could impede overall global economic expansion.
India Gazette
21-05-2025
- Business
- India Gazette
Taiwan marks highest ever April exports, driven by rising global demand of AI's
ANI 21 May 2025, 12:07 GMT+10 New Delhi [India] May 21 (ANI): Taiwan registered its highest ever export orders for April, helped by rising demand for artificial intelligence (AI) applications from across the globe, according to the Taiwan's Ministry of Economic Affairs (MOEA) as reported by Focus export orders were at USD 56.40 billion for April 2025, marking a rise of 19.8 per cent on year on year basis. Exports out shadowed MOEA's forecast of USD 50 billion to USD 52 billion. This marks the third consecutive month of annual to MOEA data, the total value of export orders for the first four months of 2025 reached USD 205.87 billion, a robust 14.1 per cent increase compared to the same period last Yu-ling, director of MOEA Department of Statistics attributed this rise to growing global investment in AI, high-performance computing, and cloud services. He also added that the 90-day suspension of reciprocal tariffs by the Donald Trump administration of the United States on April 9 prompted some buyers to place orders ahead of schedule. The electronics sector emerged as the primary driving force behind this growth, with April orders reaching USD 23.09 billion, a substantial 35 per cent increase year-on-year. This surge was fuelled by strong global demand for advanced semiconductors and printed circuit boards (PCBs).Regionally, the United States stood out as Taiwan's top customer in April, placing USD 19.29 billion in orders, marking a significant 30.3 per cent increase, primarily for electronics. China and Hong Kong followed, with combined orders of USD 11.30 billion, representing a 5.7 per cent ahead, Huang anticipates that strong demand related to AI will continue to benefit Taiwan's technology exporters. Nevertheless, she cautioned about potential risks to global economic growth stemming from geopolitical tensions and U.S. trade MOEA has forecasted May export orders to fall within the range of USD 55 billion to USD 57 billion, indicating an expected year-on-year increase of 12.5 to 16.6 percent. (ANI)
Korea Herald
15-05-2025
- Business
- Korea Herald
Best and Brightest AI Minds Celebrated at Taiwan's Inaugural Best AI Awards
TAIPEI, May 15, 2025 /PRNewswire/ -- This is a news report by DIGITIMES: Taiwan's Ministry of Economic Affairs (MOEA) hosted the inaugural Best AI Award Competition on May 3, 2025, at the Taipei World Trade Center, Hall 1, aiming to strengthen Taiwan's AI talent pool and attract greater investment in AI research. The event drew 1,253 teams from 36 countries, with 233 advancing to the finals across AI Application and IC Design categories, segmented into Public Corporations, SMEs & Startups, Students, and International Teams. Eight teams won Gold Awards: HiTRUSTpay, EYS3D Microelectronics, Daya Yoo, Jmem Tek, National Central University, National Taiwan University, Touch Lab (Philippines), and Arba Lab (UK). MOEA positioned the competition as Taiwan's Oscars for AI, fostering innovation, industry collaboration, and AI commercialization. Prizes range from NT$300,000 for student winners to NT$1 million for enterprises, startups, and international teams. Deputy Minister Ho Chin-tsang emphasized AI's transformative role across industries, highlighting the competition's ability to bridge talent development with market needs. MOEA aims to sustain AI integration through policies and partnerships. Director-General Kuo Chao-chung noted the event's strong international engagement, with 353 professionals from 36 countries. The ministry will continue collaborating with academia and industry to advance AI applications and talent cultivation. Chiu Chui-hui, Director-General of the Industrial Development Administration, cited AI talent shortages as a key challenge, referencing a report ranking Taiwan 4th in AI infrastructure but significantly lower in talent (38th), research (27th), and commercialization (39th). The competition, with its 7.4% award selection rate, aims to accelerate practical AI adoption and professional development. Winning projects demonstrated AI's diverse applications across ICT (18.4%), manufacturing (16.2%), healthcare (15.9%), retail (10.2%), education (8.6%), and finance (7.8%), with particular innovation in AIoT and edge AI integration. MOEA plans to make the Best AI Awards an annual event, furthering Taiwan's AI development, talent cultivation, and commercialization efforts. Concurrent matchmaking events at COMPUTEX will connect teams with over 20 venture capitalists and buyers, fostering investment and collaboration opportunities.
Yahoo
15-05-2025
- Business
- Yahoo
Best and Brightest AI Minds Celebrated at Taiwan's Inaugural Best AI Awards
TAIPEI, May 15, 2025 /PRNewswire/ -- This is a news report by DIGITIMES: Taiwan's Ministry of Economic Affairs (MOEA) hosted the inaugural Best AI Award Competition on May 3, 2025, at the Taipei World Trade Center, Hall 1, aiming to strengthen Taiwan's AI talent pool and attract greater investment in AI research. The event drew 1,253 teams from 36 countries, with 233 advancing to the finals across AI Application and IC Design categories, segmented into Public Corporations, SMEs & Startups, Students, and International Teams. Eight teams won Gold Awards: HiTRUSTpay, EYS3D Microelectronics, Daya Yoo, Jmem Tek, National Central University, National Taiwan University, Touch Lab (Philippines), and Arba Lab (UK). MOEA positioned the competition as Taiwan's Oscars for AI, fostering innovation, industry collaboration, and AI commercialization. Prizes range from NT$300,000 for student winners to NT$1 million for enterprises, startups, and international teams. Deputy Minister Ho Chin-tsang emphasized AI's transformative role across industries, highlighting the competition's ability to bridge talent development with market needs. MOEA aims to sustain AI integration through policies and partnerships. Director-General Kuo Chao-chung noted the event's strong international engagement, with 353 professionals from 36 countries. The ministry will continue collaborating with academia and industry to advance AI applications and talent cultivation. Chiu Chui-hui, Director-General of the Industrial Development Administration, cited AI talent shortages as a key challenge, referencing a report ranking Taiwan 4th in AI infrastructure but significantly lower in talent (38th), research (27th), and commercialization (39th). The competition, with its 7.4% award selection rate, aims to accelerate practical AI adoption and professional development. Winning projects demonstrated AI's diverse applications across ICT (18.4%), manufacturing (16.2%), healthcare (15.9%), retail (10.2%), education (8.6%), and finance (7.8%), with particular innovation in AIoT and edge AI integration. MOEA plans to make the Best AI Awards an annual event, furthering Taiwan's AI development, talent cultivation, and commercialization efforts. Concurrent matchmaking events at COMPUTEX will connect teams with over 20 venture capitalists and buyers, fostering investment and collaboration opportunities. Through these initiatives, Taiwan aims to solidify its status as a leading AI Island. For updates, follow the official Best AI Awards LinkedIn page. View original content to download multimedia: SOURCE DIGITIMES Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
