New Delhi: Prime Minister Narendra Modi met Foxconn Chairman Young Liu in Gandhinagar and welcomed the company’s plans to expand semiconductor and chip manufacturing capacity in India.

Liu participated three-day 'SemiconIndia 2023' conference on Friday, and affirmed that Taiwan is and will be India's "most trusted and reliable partner".

“Mr Young Liu, Chairman of Foxconn, met PM@narendramodiin Gandhinagar. The PM welcomed Foxconn's plans to expand semiconductor and chip manufacturing capacity in India,” PMO said in a tweet.

Earlier in the day, the three-day 'SemiconIndia 2023' conference kicked off here on Friday in the presence of PM Modi, with a focus on attracting investments in India’s nascent semiconductor ecosystem.

The conference, its second edition, organised by India Semiconductor Mission in partnership with industry and industry associations, is aimed to make India a global hub for semiconductor design, manufacturing and technology development. Semicon India was held in Bengaluru last year.

The theme of the Conference is ‘Catalysing India’s Semiconductor Ecosystem’.

Addressing the gathering, PM Modi invited global semiconductor majors to come and invest in India, adding that whosoever comes forward will have a “first mover’s advantage.”

“You have to develop a chip-making ecosystem for Indians. I believe whosoever comes forward will have a first mover’s advantage,” PM Modi said.

“It is not just India’s needs, the world now needs a trusted and reliable chip supply chain. Who can be that trusted partner if not the largest democracy,” PM Modi said.

Foxconn Chairman Young Liu also addressed the event and expressed optimism about the future of IT in India.

"I am very optimistic of the way India will be headed," said Yiu and assured PM Modi that Taiwan "is and will be your most trusted and reliable partner."

"...Where there is a will there's a way, I can feel the determination of the Indian government. I am very optimistic about the way India will be headed. PM Modi, once mentioned that IT stands for India and Taiwan. PM, Taiwan is and will be your most trusted and reliable partner...," Yiu added.

Significantly, Taiwanese major Foxconn recently decided to withdraw from its semiconductor joint venture (JV) with Indian mining conglomerate Vedanta.

A day after it withdrew from its joint venture with India’s Vedanta group, Taiwan-based technology company Foxconn on July 11 said it is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem.

On its withdrawal from the JV with Vedanta, it had categorically said both parties “mutually agreed to part ways”, noting there was recognition that the project was not moving fast enough.