Foxconn are set to expand into Indonesia, where the company plans to built a new $1 billion facility. The move will create 1 million new jobs in the region, where the average monthly wage is just $100 per month. The company is discussing plans with the Indonesian Ministry of Industry.
Foxconn already have manufacturing plants in Brazil, and more famously, China, where they assemble electronic goods for some of the world's biggest technology companies, such as Apple. Foxconn said in a statement that the company was attracted to Indonesia over Malaysia and Vietnam due to its high rate of economic growth, of around 6-percent per year. It has also been noted that the region is "sorely in need" of formal jobs.
A Foxconn representative said in a statement:
We are looking forward to establish a new manufacturing plant in Indonesia, although nothing is finalised 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.
Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.