Shenzhen Foxconn, a subsidiary of Taiwan-based Foxconn Technology Group, recently announced plans to invest approximately NT$4.3 billion (US$131.5 million; US$1 = NT$32.7) in a new Foxconn IE Academy headquartered in Shenzhen, China, according to Taiwan's United Daily News.

According to United Daily News, qualified applicants will be deemed as Foxconn employees. Foxconn will not only pay for their education fees but also offer scholarships to students in need of financial assistance.

Foxconn IE Academy is expected to form an alliance with other leading universities in China, including Tsinghua University, Peking University, and Shanghai Jiao Tong University. The academy is projected to offer programs in various areas, such as industrial engineering, electronic engineering, software, and logistics.

Also, Foxconn revealed further plans to set up campuses in the company's production bases across China: in cities such as Huhhot, Shenyang, Beijing, Qinhuangdao, Taiyuan, Yinkou, Langfang, Yantai, Shanghai, Kunshan, Nanjing, Hangzhou, Wuhan, Nanning, and Zhongshan.