Taiwan's Foxconn to invest up to $1.27 billion in Indonesia
TAIPEI (AFP) - Taiwan technology giant Foxconn group has signed a letter of intent to invest up to US$1 billion (S$1.27 billion) in Indonesia as it seeks to diversify production away from China, officials said on Sunday.
Foxconn, also known by its Taipei-headquartered mother company Hon Hai Precision Industry which is the world's largest contract electronics maker, said the investments would be in Jakarta province, which has better infrastructure than other regions of the country.
"We plan to come up with detailed investment plans for the Indonesian and Jakarta authorities in three months," a Hon Hai official told AFP.
The investments would be completed in three to five years in areas ranging from R&D, electronics software design and Internet business to manufacturing and assembly of electronic products, she said.