Foxconn Will Invest $5-10 Billion to Open New Plant in Indonesia
Foxconn is set to establish operations in Indonesia with plans to invest $5-10 billion of the next 5-10 years, reports Reuters. Indonesia's Trade Minister Gita Wirjawan told reporters that the company will start with the assembly and production of 3 million handsets per year.
The first investment will start in October and in phase two of the project, starting in July 2013, Foxconn will build a plant and increase output to 10 million units per year. Foxconn, which is based in Taiwan, is the main supplier for Apple Inc and has been in talks with the Indonesian government for some time.
The company says it was attracted to Indonesia over Malaysia and Vietnam due to its high rate of economic growth - around 6 per cent a year. Its plant is said to create 1 million jobs.