Taiwan technology giant Foxconn group has signed a letter of intent to invest up to $1 billion in Indonesia as it seeks to diversify production away from China. Foxconn, also known as Hon Hai Precision Industry, which is the world’s largest contract electronics maker, said the investments would be in Jakarta provinc
Taiwan technology giant Foxconn group has signed a letter of intent to invest up to $1 billion in Indonesia as it seeks to diversify production away from China.
Foxconn, also known as Hon Hai Precision Industry, which is the world's largest contract electronics maker, said the investments would be in Jakarta province, which has better infrastructure than other regions of the country.
The investments would be completed in 3 to 5 years in areas ranging from R&D, electronics software design and Internet business to manufacturing and assembly of electronic products.
The move is part of the conglomerate's efforts to diversify investments from China where it has set up huge manufacturing facilities to make products for Apple — including iPhones — as well as Sony and Nokia.
Foxconn in late 2013 also announced that it was planning to spend $40 million in manufacturing and research facilities in the United States.
The group has production facilities in more than 10 countries, including Vietnam, Brazil and Mexico.