President Donald Trump announced at the White House Wednesday that electronics manufacturer Foxconn plans to build a new manufacturing plant in Wisconsin.
The factory, which will produce LCD screens, will be built with a $10 billion investment allocated over the next four years.
A White House official stated the decision came after months of deliberation between the Trump administration and the Taiwanese multinational.
“This is a culmination of many months of discussion between the White House Office of American Innovation and Foxconn,” the official said.
Foxconn asserted that the new investment would “create 3,000 jobs with the potential to grow to 13,000 new jobs in that state.”
“It signifies the start of a series of investments by Foxconn in American manufacturing in the coming years,” the company said.
Trump – who was joined during the announcement by Foxconn CEO Terry Guo, Vice President Mike Pence, House Speaker Paul Ryan (R-Wis.), Wisconsin Gov. Scott Walker (R) and Sen. Ron Johnson (R-Wis.) – called the decision an “incredible investment” into the American economy.
“To make such an incredible investment, Chairman Guo put his faith and confidence in the future of the American economy,” the president said. “In other words, if I didn’t get elected, he definitely would not be spending $10 billion.”
Providing additional details on the plant, Walker stated that the facility would be 20 million square feet and offer an average annual salary of $53,000 for employees.
“This is a great day for America,” Walker said.
Trump has repeatedly called on both foreign and domestic companies since presidential campaign to build more products inside the United States.
“The United States has added 70,000 manufacturing jobs since November, to nearly 12.4 million, but has not added any net factory jobs in the last two months, according to the Bureau of Labor Statistics,” Reuters reports.
Apple Chief Executive Tim Cook, according to the president, also recently committed to build three manufacturing plants in the United States