Hon Hai aims to invest $342 million in AI, industrial internet

FILE PHOTO - The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in New Taipei City, Taiwan on March 29, 2016. REUTERS/Tyrone Siu/File Photo

HONG KONG (Reuters) - Foxconn, one of Apple’s main suppliers, formally known as Hon Hai Precision Industry Co Ltd said on Friday it aims to invest T$10 billion ($342 million) in artificial intelligence (AI) and related spheres of industrial internet.

“Our investment for R&D and technology investment absolutely won’t be weak. We hope in the next few years to invest T$10 billion in the AI application and related spheres of the industrial internet,” executive Vice President Fang-ming Lu said at a press conference.

“We have an AI team but it’s still not enough. We need more and more talent,” Lu added.

On Thursday, Hon Hai’s unit Foxconn Industrial Internet submitted its listing application to Shanghai stock exchange.

Reporting by Twinnie Siu; Editing by Himani Sarkar