President Donald Trump and the Office of American Innovation received Foxconn at the White House to announce a technology manufacturing initiative expected to bring thousands of jobs and billions of dollars in investments to America. Taiwan-based Foxconn has confirmed it wants to build a manufacturing facility worth USD 10 billion for the production of LCD panel products in southern Wisconsin. The factory will be located in the home district of House speaker Paul Ryan.
The Trump administration led the talks with Foxconn in recent months, with other Midwest states also in the running for the contract manufacturer's first site in the US. Trump said the company’s initial investment of more than USD 10 billion will create at least 3,000 jobs, with the potential for up to 13,000 jobs in the "very near future" as Foxconn considers expansion options.
At a press conference in Milwaukee, Wisconsin governor Scott Walker said Foxconn would receive around USD 3 billion in state subsidies and tax breaks. According to a presentation by the state, reported by the New York Times, the incentive package consists of USD 1.5 billion in state income tax credits for job creation, USD 1.35 billion in state income tax breaks for capital investment, and up to USD 150 million for a sales tax exemption.
