New Delhi: Foxconn chairman Young Liu met with India's Prime Minister Narendra Modi on Wednesday, March 1,  amid ambitions by Foxconn to increase semiconductor production in South Asian markets. 

According to a statement from the Prime Minister's Office, they spoke on a range of issues aimed at improving India's IT and innovation eco-system.

Reacting the development, PM Modi tweeted on Wednesday, "Had a good meeting with Mr. Young Liu," in response to a post from Hon Hai. Our conversations included a range of subjects intended to strengthen India's tech and innovation eco-system."

President Young Liu is in India. We had a cordial meeting with the honourable prime minister @narendramodi today and gave him an update on the nation's positive development. Foxconn will carry on creating an ecosystem in India that enables all of our stakeholders to cooperate, work together, and prosper "On Tuesday, the Foxconn group wrote in Twitter post.

With a 1.54 trillion rupee investment plan with mining company Vedanta through a 40:60 joint venture for building a display fabrication unit, an integrated semiconductor fabrication unit, and an outsourced semiconductor assembly and test (OSAT) facility in Gujarat, Taiwanese electronics giant Foxconn, Apple's largest supplier of iPhones and iPads, is betting big on the semiconductor market in India.

The business also intends to utilise the USD 76,000 crore financial incentive programme the government put up to promote semiconductor manufacture. On January 12, Mint reported that the Gujarat proposal from the joint venture between Vedanta and Foxconn was probably going to be the first to receive official approval.

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