Exclusive: India to woo foreign firms like Apple to capitalise on US-China trade war

NEW DELHI: India is targeting companies including Apple, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China, according to a source and a document seen by Reuters.

The document said the government will meet companies between Aug. 26 and Sept. 5 to suggest the best investment zones for their operations. State governments will also participate. As companies think about rebuilding supply chains outside of China, a major global manufacturing hub, nations such as Vietnam have emerged as top destinations given the faster clearances and stable policies they offer, industry experts say.

Indian officials this week separately met local delegates of automakers including Volkswagen, Hyundai Motor Co and Honda Motor Co to see if they would consider moving some supply chain operations from China to India, according to the source and an industry official who attended the meeting.Honda declined to comment, while Volkswagen and Hyundai did not respond to Reuters' request.

A senior smartphone industry executive in India said future corporate investment decisions would rely mostly on whether a country can offer policy stability and faster clearances.

Source: News Formal (newsformal.com)

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