In a notable acknowledgement of his distinguished contributions to the trade and industry sector, Young Liu, the Chief Executive Officer and Chairman of Foxconn, the Taiwanese multinational electronics contract manufacturer, has been honoured with the prestigious Padma Bhushan award.
Young Liu, a seasoned entrepreneur and innovator, possesses an impressive career spanning more than four decades.
His entrepreneurial journey started in 1988 with the founding of Young Micro Systems, a motherboard company.
Later, in 1995, he entered the field of IC design, with a specific focus on PC chipsets.
The year 1997 witnessed the creation of ITE Tech, also known as ITeX, marking the third successful venture in his illustrious career.
“I am deeply honoured to receive the Padma Bhushan from the Government of India. My heartfelt thanks to the Prime Minister, President and the wonderful people of India for this tremendous distinction. I firmly believe this is an affirmation of a collaboration that benefits India’s long-term development and supports the growth of local economies.”I will continue to inspire my team. Let’s do our part for manufacturing in India and for the betterment of society,” he said on being conferred the prestigious award.
Based in Taiwan, Foxconn holds the title of the world’s largest contract manufacturer and is responsible for assembling approximately 70 percent of iPhones.
The company has strategically shifted its production away from China, a move prompted by disruptions brought about by the COVID-19 pandemic and increasing geopolitical tensions.
In the past year, Foxconn has made substantial investments to expand its presence in India, particularly in the southern regions.
This strategic expansion aligns with the company’s broader goal of reducing reliance on Chinese manufacturing and capitalizing on the growing opportunities presented by the Indian market.
Young Liu has actively supported India’s potential in the electronics manufacturing sector. In a statement last year, he expressed optimism about the future, emphasizing that “India will be a very important country in terms of manufacturing in the future”.
This underscores the significant role India is expected to play in the global manufacturing landscape.
What is the Padma Bhushan award?
The Padma Bhushan award, announced on the eve of Republic Day, holds prestige as one of the highest civilian honours in India.
This year, the President approved 132 Padma awards across various fields, encompassing art, social work, public affairs, science and engineering, trade and industry, medicine, literature and education, sports, and civil service.
The awards ceremony, scheduled to take place at Rashtrapati Bhavan, signifies a significant moment to celebrate the accomplishments and contributions of individuals across diverse sectors.
What are the criteria for a foreigner to receive the award?
As per the website of Padma Awards affiliated to the Union Home Ministry, there is no strict provision that the Padma award should be given only to Indian citizens.