Foxconn's USA project to continue after talks with Trump: Terry Gou | Economics

Foxconn recommits to $10B Wisconsin plant after call from Trump

Foxconn renews commitment to WI, wants to expand ‘investment in American talent’

Foxconn released a statement saying that the company's need to be responsive to the global market environment necessitated a reconsideration of which technology will best suit the needs of its customers.

Foxconn will proceed with its construction of a self-driving vehicle facility and a sixth generation LCD fab plant in Wisconsin after discussions with United States President Donald Trump about the project, the company's chairman Terry Gou (郭台銘) said Saturday.

The company said it was looking forward to continuing its expansion of investment in American talent in Wisconsin and the U.S.

According to the Washington Post, Foxconn has a pattern of walking back hiring announcements; if it fails to meet established goals, however, Wisconsin can withhold some promised incentives. Republicans cited the project as a measure to re-establish Wisconsin's strength as a manufacturing stronghold.

President Donald Trump takes a tour of Foxconn with Foxconn chairman Terry Gou, right, and CEO of SoftBank Masayoshi Son in Mt.

According to a Reuters report earlier this week, Gou's special assistant Louis Woo (胡國輝) said the plan was revised in light of the steep cost of making advanced TV screens in the us, where labor expenses are comparatively high. Tony Evers' administration and Foxconn Technology Group said Thursday that a massive project planned for the state was moving forward, and disputed Republicans who blamed the new Democratic governor for a change in direction away from manufacturing to more research jobs.

Wisconsin's then-governor, Scott Walker, offered Foxconn $3 billion in state subsidies for the project, a move that proved to be controversial enough it that may have cost Walker his re-election past year.

It remains to be seen how well Trump will perform in the 2020 election, but one thing's for sure: He won't be able to campaign on persuading Foxconn to bring thousands of new factory jobs to Wisconsin.

Foxconn had said earlier this week that it remained committed to its investment in Wisconsin, which had been celebrated for its potential to create up to 13,000 jobs.

FILE - President Donald Trump, center, along with Wisconsin Gov. Scott Walker, left, and Foxconn Chairman Terry Gou participate in a groundbreaking event for the Foxconn facility in Mt.

Foxconn, a major supplier to Apple, is the world's largest contract maker of electronics. Pleasant, Wis., on June 28, 2018.

Taiwan-based Foxconn Technology Group makes products for the education, medical and healthcare, entertainment and sports, security, and smart cities.

Local officials indicated that Foxconn had built property in Wisconsin already and invested $200 million in the state.

"They're offering this commitment that if the village gets into trouble, (state officials) will do everything they can to ask the Legislature to appropriate monies to pay the debt service", said Moody's lead analyst Josh Grundleger.

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