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Xiaomi has announced that it will organize a Supplier Investment Summit in India for three days from April 9 to April 11. This summit will be hosted for over 50 Xiaomi component suppliers from all over the world. These suppliers will visit different states in order to learn about the opportunities in the country. The company has sent invites for the summit to its suppliers encouraging them to visit the country.
Xiaomi says that India is a significant market outside of China and also a major manufacturing hub for the company. For this reason, the company is offering a chance for its suppliers to visit the different states of the country and evaluate opportunities for setting up local base over here. This move will bring in additional foreign investment in the country and create job opportunities too.
The primary agenda of the Xiaomi Supplier Investment Summit in India is to help the suppliers of the company understand the opportunities they have got in the Indian market, the FDI policy, incentives and offers by the central and state government, various state sector-specific policies and industrial policies.
Currently, Xiaomi has three manufacturing units in the country. Two of these manufacturing facilities have been set up in partnership with Foxconn and are located in Sri City in Andhra Pradesh. Both these manufacturing facilities are dedicated to manufacture smartphones.
Back in November last year, the company opened the third manufacturing unit in Noida, Uttar Pradesh. This facility was set up along with Hipad Technologies and the company manufactures the power banks at this facility. Notably, Xiaomi launched the Mi Power Bank 2i with 10000mAh and 20000mAh battery capacities those were made in India at the third manufacturing facility for Rs. 799 and Rs. 1,499.
It is clear that Xiaomi is all set to make use of the government's initiatives to promote electronics manufacturing in India. So far, the assembly of mobile phones has been the trend but now the focus seems to be on the component manufacturing as well. This is because a majority of components are manufactured in China and imported to India. With the recent 10% hike on the import duty of key smartphone components such as PCB and camera module, the scope for domestic manufacturing is on the rise.