Foxconn to invest $1 billion to set up production unit in Indonesia

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Foxconn is planning to set up its manufacturing plant in Indonesia. The company is planning to invest approximately $1 billion.

The new factory will create over 1 million jobs for the Indonesians.

Talks are going on between Foxconn and the Indonesia’s Ministry of Industry.

Indonesian economy is growing nearly 6 percent per year. Indonesia has natural resource extraction and domestic consumption, which accounts for more than 60 percent of GDP for 240 million people.

Indonesia is in need of formal jobs. It has the large pool of cheap labor that Foxconn would require. Average earning of an unskilled worker in Indonesia is $100 per month.

“We are looking forward to establish a new manufacturing plant in Indonesia although nothing is finalized yet. This will help us in manufacturing good quality products and make them available in the markets at lower prices. With this Indonesians will also get better employment opportunities. We will continue our efforts in establishing more manufacturing plants across the globe,” said a Foxconn representative.

Foxconn has revenues of $100 billion. Foxconn’s customer base includes Apple, Cisco, Dell, HP, Nokia and Sony.

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