Taiwanese electronics manufacturer Foxconn intends to build a plant factory in Southeast Wisconsin. The budget for the project was assessed to $10 billion. However, the company won’t cover the expenses alone. Gov. Scott Walker promised to support the initiative with the biggest subsidy in the history of Wisconsin. The total grant can reach $3 billion in tax giveaways.
President Donald Trump Stated that Foxconn CEO Would Triple the Investment
On Tuesday, President Donald Trump casually opened the subject of the Foxconn plant deal. He mentioned that the chairman of the Taiwanese company, Terry Gou, had confessed to him that the project has enough potential to triple the investment.
On the other hand, there were no additional details to support the verity of such a claim which was made in front of small-business owners at the White House. It is not known how executives intend to grow their investment or whether the company is planning further plant deals or not.
“They’re going to spend $10 billion, but he is one of the great businessmen of our time. And I think the number is going to be $30 billion.”
To confirm this statement, The Associated Press contacted Foxconn officials, but they haven’t responded yet. On the other hand, Donald Trump is known for his tendency to divulge unconfirmed initiatives. Last week, Trump made a similar claim according to which Apple CEO Tim Cook confessed to him that he would build three large factories in the United States. However, the executive didn’t back such claims.
Critics Don’t Find Foxconn’s Plans Solid Enough to Deserver the Biggest Subsidy in Wisconsin
The Foxconn plant deal between the company and Gov. Scott Walker came with certain stipulations on Thursday. For instance, the manufacturer has to have 3,000 filled job positions by 2020. Six years later, the number has to reach 13,000. Such a workforce would require the largest property in state history of 20 million-square-foot.
On the other hand, critics are frowning at such ambitious plans especially when the biggest subsidy in Wisconsin is involved. The company announced other such projects previously around the world. However, none of them came to fruition.
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