Foxconn to invest $10 bn in LCD manufacturing plant in US

A day after President Donald Trump announced that Apple would build 'big' plants in the US, Taiwanese technology giant Foxconn has said it will invest $10 billion in an LCD manufacturing plant in the country, creating 13,000 new jobs.

Foxconn CEO Terry Gou announced the plans on Wednesday during a presser at the White House where Trump and US Vice President Mike Pence were also present, Apple Insider reported.

The Taiwanese manufacturer makes electronics for Apple and other tech companies. The production slated will go to subsidiary Sharp.

The new 20,000-square-foot facility in Wisconsin is slated for completion by 2020.

Trump has been talking about bringing manufacturing jobs back to the US since the day he became President.

"One thing we know about this president is how committed he is to reviving American manufacturing and bringing jobs home. This right here shows actual results," the report quoted White House Speaker Paul Ryan as saying.

On Tuesday, Trump said that Apple CEO Tim Cook had plans to build three big manufacturing plants in the US that would create job opportunities for the American citizens.

Though there was no comment from Apple CEO, but Trump said he had talked to Cook and he was going forward with it.

"I said you know, Tim, unless you start building your plants in this country, I won't consider my administration an economic success. He called me, and he said they are going forward," Trump was quoted as saying.

Now with Foxconn's announcement, it is unclear if Trump was referring to this production facility.

"Foxconn, Apple's main manufacturing partner, in April said it was considering a number of US investments. Gou later clarified that his company was investigating the buildout of potential manufacturing plants in few US states," the report noted.

According to reports, Wisconsin is offering a taxpayer-backed incentives package worth as much as $3 billion to woo Foxconn.

--IANS

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