India, Southeast Asia, and Mexico are set to benefit most as global companies look to diversify their supply chains away from China, according to a report by Morgan Stanley. The bank predicts that India’s manufacturing base could triple by 2031, and that Mexico’s exports to the US could rise by around 30%. Companies are likely to adopt ‘China+1’ or ‘China+N’ strategies to expand their production footprints, while Apple’s partner Foxconn plans to invest $700 million in a new plant in India. The report also warns that the process of diversification will be difficult and expensive, and could take over a decade.
India to Benefit as Supply Chains Move Away from China
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