The ecosystem for semiconductor chips in India is for the "very brave", Foxconn Chairman Young Liu said on Friday as he expressed optimism about the country's semiconductor roadmap during the second edition of SemiconIndia in Gandhinagar.
Earlier this month, Taiwan-based Foxconn, which also supplies for smartphone giant Apple, withdrew from a USD 19.5 billion semiconductor joint venture with Vedanta as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and cars.
Foxconn is the world's largest contract electronics maker.
Addressing SemiconIndia on Friday, Liu said "The ecosystem for chips in India is for the very brave. Every experience only positions companies stronger going forward."
Notably, the joint venture between Foxconn and Vedanta was signed in February 2022, after which the JV signed a Memorandum of Understanding with the Gujarat government to invest Rs 1,54,000 crore to set up a semiconductor plant in the state.
Had it not been called off by Foxconn, the JV would have resulted in independent India’s biggest ever corporate investment and given shape to the country’s first manufacturing facility for semiconductors.
American memory maker Micron Technology subsequently is set to become India’s first semiconductor assembly, announcement for which was made in June this year.
Liu affirmed that Taiwan will be the "most trusted and reliable partner" for India.
"Prime Minister Narendra Modi once mentioned to me that IT stands for India and Taiwan. Honourable Prime Minister, Taiwan is, and will be, your most trusted and reliable partner. Let's do this together!," he said.
Liu also spoke about Taiwan's "buffalo spirit", and how the same can be applied to India for semiconductor development.
"India has said its government has a high say-do ratio. This kind of trust is important because India's semiconductor development is just starting."
He added that several people with varying expertise need to work and overcome challenges together.
Foxconn had earlier said it has been actively reviewing landscape for optimal partners after withdrawing from the semiconductor joint-venture project with Vedanta.
“Foxconn is working toward submitting an application related to Modified Programme for Semiconductors and Display Fab Ecosystem. We have been actively reviewing the landscape for optimal partners,” Foxconn had said in a statement.