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A large Foxconn manufacturing plan to be built in Wisconsin, confirms company
July 23 2018, 05:44 | Alonzo Simpson
Terry Gou Chairman of Taiwan’s Foxconn also known as Hon Hai listens during a press conference in New Taipei City on June 22
Other states that vied for the plant are Michigan, Illinois, Indiana, Ohio, Pennsylvania and Texas.
"We're going to start doing programs specifically targeted towards getting the workforce they're going to need", Walker said.
Shortly after President Trump's inauguration, Gou began teasing plans to invest more than $7 billion in a plant for producing displays, with the potential to create as many as 50,000 jobs. Trump's plans for health care and tax cuts face an uncertain future in Congress, and his administration is bogged down by an investigation into Russia's possible ties with his presidential campaign.
After Trump was elected in November, Foxconn Chairman Terry Gou had said that the company was looking to invest somewhere around $7 billion in the US and add somewhere between 30,000-50,000 jobs to the USA economy.
"If I didn't get elected, he definitely would not be spending $10 billion", Trump said. "They may even go a little bit or neighbors to the south into IL, although we're in a much better position right now, just because of our climate, our situations and what we do".
Wisconsin Governor Scott Walker said at the White House his state will award $3 billion in incentives and sign a memorandum of understanding on the investment on Thursday. The campus will cover up to 1,000 acres. He revealed that Foxconn has agreed to invest $10 billion dollars in building an LCD panel factory in the state of Wisconsin. It's being built in House Speaker Paul Ryan's home electoral district. This would mark a substantial gain for a state that now has 472,000 manufacturing jobs and is still recovering from factory layoffs - including the closure of a General Motors plant in Ryan's hometown - that hit after the 2008 financial crisis.
Taiwanese contract manufacturer Foxconn, best known for making Apple's iPhone, is to build its first factory in the United States - but American taxpayers will have to stump up as much as $3bn in aid in order to part-finance the move.
"This will not be your grandfather's factory", said Tom Still, president of the Wisconsin Technology Council. Currently, he focused on shifting the manufacturing unit of Apple's iPhone to the U.S.
Dale Knapp, research director at WISTAX, said full financial terms of the agreement won't be known until lawmakers begin debating legislation enacting the special business tax credit program. That includes up to $1.5 billion in state income tax credits for job creation, up to $1.35 billion in state income tax credits for capital investment and up to $150 million for the sales and use tax exemption - a sales tax holiday.
"My main message was: There is a world-class university in Madison, Wisconsin", Blank told the Wisconsin State Journal, recounting her informal talks with Foxconn officials.
President Trump announced the news of this investment during a ceremony in White House on July 26, Wednesday.