PM Narendra Modi meets Foxconn chief Young Liu in Gandhinagar on 28 July. Twitter/PMOIndia

Young Liu, the chairman of Taiwanese firm Foxconn met prime minister Narendra Modi in Gandhinagar on Friday.

“The PM welcomed Foxconn’s plans to expand semiconductor and chip manufacturing capacity in India,” the PMO said in a tweet.

Earlier in the day, PM Modi said that India is “rolling out the red carpet” for the semiconductor industry, as he invited global semiconductor majors to invest in India.

He added that whosoever comes forward will have a “first mover’s advantage.”

“As India moves forward on the path of reform, new opportunities will be created. India is becoming an excellent conductor for semiconductor investments,” PM Modi said at the inaugural session of ‘SemiconIndia 2023’ in Gandhinagar.

‘Ecosystem for semiconductor chips in India is very brave’

The ecosystem for semiconductor chips in India is for the “very brave”, Young Liu earlier said as he expressed optimism about the country’s semiconductor roadmap during the second edition of SemiconIndia.

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.

With inputs from agencies