Washington: President Donald Trump on Wednesday will unveil a $10 billion (Dh36.7 billion) US investment by Apple supplier Foxconn to build a plant in Wisconsin, the White House said.
The Taiwanese tech giant is expected to announce the move side-by-side with the businessman-turned-president, as Trump tries to show his “America First” economic rhetoric is making a difference.
According to a senior White House official, building the plant — which will make LCD panels — will create at least 3,000 jobs in the midwestern state.
The White House was quick to stress Trump’s influence and involvement in making the deal happen.
“What led them to make this commitment is the policies of the Trump administration, from deregulation policies... to the ‘Buy America’ principles and commitment of the administration,” a White House official said.
“As our conversations advanced with Foxconn, we involved the president, who personally met with the chairman to discuss the commitment of the administration to bring back skilled or advanced US manufacturing.”
Trump has made returning manufacturing jobs to America’s heartland a key plank of his domestic policy.
The investment is a double win for Trump, burnishing his reputation as a job creator and putting those jobs in a key battleground state, which he won in 2016 by a single percentage point.
The investment is also a victory for top Congressional Republican Paul Ryan, as the massive investment in his home state is tangible evidence that difficult ties with Trump can bring results.
Ryan was expected to attend the White House ceremony.
The White House would not say what tax incentives were offered to entice the company.
Foxconn, also known as Hon Hai, is controlled by billionaire Terry Gou, who is known for his aggressive dealmaking prowess.