Foxconn to spend USD5.7 billion in Nanjing on world’s biggest smartphone assembly hub
September 19, 2017 Category China News Round-up, Weekly
Hon Hai Precision Industry Co, the world’s largest contract manufacturer for consumer electronics, said it will invest CNY37.5 billion to expand its facilities in Nanjing, capital of Jiangsu province, turning it into the largest smartphone assembly on the planet and a hub for research and development (R&D).
The Taiwanese company also operates under its trade name Foxconn Technology. Deputy General Manager Zheng Naijian signed a contract on September 12 with Nanjing’s Vice Mayor Liu Yi’an to invest in liquid crystal display (LCD) production for smart televisions, research and development (R&D), as well as logistics. Foxconn is assembling smartphones for Apple and its competitors Huawei and Xiaomi, among others. It employs around one million people in China.
“The deal with Nanjing eases some concerns that Foxconn will reduce its investment in China after its billion-dollar investment in the United States,” said Li Yi, Researcher at the Shanghai Academy of Social Sciences Internet Research Center. Foxconn announced in July a plan to build a USD10 billion factory in the U.S. state of Wisconsin to produce LCD monitors.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world