Foxconn chairman Young Liu from Taiwan conferred India’s third-highest civilian award

In a notable acknowledgement of his distinguished contributions to the commerce and business sector, Young Liu, the Chief Executive Officer and Chairman of Foxconn, the Taiwanese multinational electronics contract producer, has been honoured with the celebrated Padma Bhushan award.

Young Liu, a seasoned entrepreneur and innovator, possesses a powerful profession spanning greater than 4 many years.

His entrepreneurial journey began in 1988 with the founding of Young Micro Systems, a motherboard firm.

Later, in 1995, he entered the sphere of IC design, with a particular concentrate on PC chipsets.

The 12 months 1997 witnessed the creation of ITE Tech, often known as ITeX, marking the third profitable enterprise in his illustrious profession.

“I’m deeply honoured to obtain the Padma Bhushan from the Government of India. My heartfelt due to the Prime Minister, President and the great individuals of India for this super distinction. I firmly imagine that is an affirmation of a collaboration that advantages India’s long-term growth and helps the expansion of native economies.”I’ll proceed to encourage my staff. Let’s do our half for manufacturing in India and for the betterment of society,” he stated on being conferred the celebrated award.

Based in Taiwan, Foxconn holds the title of the world’s largest contract producer and is accountable for assembling roughly 70 % of iPhones.

The firm has strategically shifted its manufacturing away from China, a transfer prompted by disruptions caused by the COVID-19 pandemic and growing geopolitical tensions.

In the previous 12 months, Foxconn has made substantial investments to broaden its presence in India, notably within the southern areas.

This strategic growth aligns with the corporate’s broader purpose of decreasing reliance on Chinese manufacturing and capitalizing on the rising alternatives offered by the Indian market.

Young Liu has actively supported India’s potential within the electronics manufacturing sector. In a press release final 12 months, he expressed optimism in regards to the future, emphasizing that “India will likely be a vital nation when it comes to manufacturing sooner or later”.

This underscores the numerous position India is anticipated to play within the world manufacturing panorama.

What is the Padma Bhushan award?

The Padma Bhushan award, introduced on the eve of Republic Day, holds status as one of many highest civilian honours in India.

This 12 months, the President authorised 132 Padma awards throughout numerous fields, encompassing artwork, social work, public affairs, science and engineering, commerce and business, drugs, literature and training, sports activities, and civil service.

The awards ceremony, scheduled to happen at Rashtrapati Bhavan, signifies a major second to have fun the accomplishments and contributions of people throughout numerous sectors.

What are the standards for a foreigner to obtain the award?

As per the web site of Padma Awards affiliated to the Union Home Ministry, there isn’t a strict provision that the Padma award needs to be given solely to Indian residents.