Foxconn Could Triple Investment to $30 Billion, says Trump

Published Date : Aug 02, 2017

President Donald Trump said that Terry Gou, chairman of Foxconn, told him, the company is planning to invest $30 bn on a new U.S. plant. This investment is three times the company previously pledged to invest. Trump said that this information was shared “off the record” by Gou.

A Plant to Bring the American Jobs Back

Foxconn Technology Group, world’s largest contract electronics manufacturer, and the major assembler of the iPhone, has signed a deal to erect a $10 billion display plant in Wisconsin. As the requirements of this plant, Foxconn reported to hire about 13,000 people. This project is planned under Trump’s “America First” initiative, to bring jobs back to the United States. Referring to the same, on Tuesday, Trump also stated that this is just the beginning in a gathering of small-business leaders at White House.

However, it’s uncertain that Trump was referring to the same plant of Gou’s plans, or investments in other types of manufacturing, or for the country in general. Last month, Trump also shared at Wall Street Journal that Tim Cook, Chief Executive Officer of Apple has promised to build three plants in the U.S., but, President Trump didn’t share any further details.

It is anticipated that Foxconn will manufacture liquid-crystal display panels, which are used in computer screens and televisions. The plant is planned to open is 2020 and initially employ 3,000 people and will extend to 13,000 over six years. The Foxconn founder has also been spreading words about the plans to make investments around the world.