Taiwan-based Hon Hai (Foxconn), Apple’s iPhone maker, has secured regulatory approval for two of its investment plans worth more than $2.2 billion in India and the US, said reports on Wednesday.
According to news agency Focus Taiwan, the Department of Investment Review under the Ministry of Economic Affairs (MOEA) approved the plan for the electronics 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 Foxconn’s subsidy 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.
According to various reports, Foxconn ships 97 per cent of iPhones from India to the US market, a move which has been criticised by the US President Donald Trump recently who told Apple’s Chief Executive Officer Tim Cook that he doesn’t like Apple building facilities in 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,” Trump said. His remarks came after Cook confirmed last month that the company is procuring half of its iPhones from India for the US market, on account of lower tariffs.
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.
Meanwhile, 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 US.