Foxconn announces increased investment in China, US

The logo of Foxconn is seen on top of the company's headquarters in New Taipei City, Taiwan, China,?March 29, 2016.[Photo/VCG]

Foxconn Chairman Terry Gou has announced the company plans to increase investment in both China and the United States, according to a report released by the Securities Times on Monday.

"We are doing business. Foxconn has ambition. Market and technology are both directions we are chasing for," Gou said in a recent interview with the newspaper.

"In terms of technology, Foxconn will have big development in China and the United States, with large investments on both sides. However, investing in one market does not mean other market's investment will reduce."

Foxconn, the world's largest electronics contractor, announced on July 27 the company will invest $10 billion to build a liquid-crystal display panel manufacturing facility in Wisconsin, United States, in the next four years.

The investment will be the largest new greenfield investment made by a foreign company in the history of the US, and will create a total of 3,000 new jobs and an additional 10,000 more in the future, Foxconn revealed in a statement.

On Aug 2, media also reported Foxconn planned to spend $30 billion on the project, which would be three times the amount of money the company has previously pledged.

"We are not sure if the investment figure will reach $30 billion in the United States," Gou said.

"Besides Wisconsin, Foxconn is also in talks with other states. We will cooperate with Michigan on next generation auto technology, such as Internet of Vehicle (IOV) and self-driving cars."

"The Michigan investment will be unveiled soon, yet the transaction amount cannot be released," Gou said.

Gou refused to comment on whether an Apple supply chain will partly transfer to US, but added the most important thing is to complement each other's strengths.

Taiwan-based Foxconn, formally known as Hon Hai Precision Industry Co Ltd, is a major supplier to Apple Inc for its iPhones.