India is targeting companies including Apple, Foxconn and Wistron Corp with a ch...
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 dispute between the United States and China, the world’s two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs. A “complete package” detailing market factors and Indian incentives on offer will then be readied for presenting to potential investors, according to the government record of the Aug. 14 meeting seen by Reuters.It is not clear whether the government will dole out new incentives or just detail existing ones, but the document shows India wants to explore opportunities and move swiftly, even as some fear it has missed the bus.
“There is one other monster country that has a huge domestic market, India, but they have got to get moving,” said Richard Rossow, a U.S.-India specialist at the Center for Strategic and International Studies in Washington. The protracted trade dispute has also jolted Apple, which faces levies of 15% imposed by the U.S. administration on major products made in China such as smartwatches on Sept. 1, with a tariff on its iPhone to take effect on Dec. 15.
“Vietnam at the end of the day is a small country and the potential of growing to super-scale, multi-tier supply chain capability is not possible,” said the executive.
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