Trump says Hon Hai could triple USA investments

Jerome Frank
August 4, 2017

President Donald Trump touted Foxconn's $10 billion deal to build its first USA manufacturing plant in Wisconsin during a press conference on Wednesday, once again hinting the investment could end up being worth triple that amount.

At the press conference, Gou announced that Foxconn will spend US$10 billion over the next four years building a LCD panel manufacturing plant in Wisconsin.

Hon Hai Precision Industry Co (鴻海精密) - which is known as Foxconn Technology Group (富智康) outside Taiwan - is considering tripling its US investment budget to US$30 billion, US President Donald Trump said while outlining "off-record" remarks made by company chairman chairman Terry Gou (郭台銘), founder of Apple Inc's biggest manufacturing partner.

Trump said at the event last week that Foxconn's investment will create at minimum 3,000 jobs, "with the potential for up to 13,000 in very near future". "We will provide an update as soon as we have finalized those plans".

"We have not yet announced our investment plans for other sites", Foxconn said in the statement. "Think of this. He may go 30-billion-dollar investment, but he told me that off the record so I promised I wouldn't tell anyone", he said to laughs from the audience.

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Wisconsin's top economic development official Mark Hogan said Wisconsin had to be competitive with other states also trying to land the plant.

Foxconn is the world's largest contract maker of electronics and has factories throughout mainland China.

Asian electronics giant Foxconn is considering investing at a second site in Wisconsin - this one in Dane County, according to a half dozen knowledgeable sources.

Lawmakers are already considering an unprecedented package of up to $3 billion in state subsidies and exemptions from environmental rules to bring the flat screen plant and thousands of jobs to either Racine or Kenosha counties. A public hearing on the proposal was scheduled for Thursday, just six days after a draft of the plan was released and eight days after news of the state's deal with Foxconn broke.

Other reports by Guamnewswatch

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