(Yicai Global) Nov. 13 -- Hon Hai Precision Industry Co. [TPE:2354], trading as Foxconn Technology Group, said that it signed an investment contract with the Wisconsin Economic Development Corp. (WEDC) covering plans to build a liquid-crystal display panel manufacturing park worth USD10 billion in the state's southeast city of Racine.

Under the deal, the Wisconsin government will provide a USD2.85 billion incentive package if Foxconn invests USD10 billion in constructing a factory and campus near Racine. To get the full benefit, the technology firm would have to fulfill its promise to hire 13,000 local workers.

US President Donald Trump announced Foxconn's intention to build a factory in Wisconsin at a White House event in July. Foxconn Chairman Terry Gou accompanied him.

"The 1,000-acre skill-, labor- and capital-intensive campus will lay the foundation for a 8K+5G ecosystem that Foxconn is creating in the United States," Foxconn said. "It will manufacture the world's most advanced large-sized LCD panels which will be used in a wide range of technologies that impact consumers' daily lives, from the latest generation televisions to self-driving cars and aircraft systems and in the fields of education, entertainment, healthcare, advanced manufacturing systems, office automation, interactive retail, and safety, among many others."

"The campus will also include facilities for back-end packaging of liquid crystal display modules, molding and tool and die processes involved in the production of high-precision housing and frames for display modules, and final assembly for end-products," the Taiwanese tech titan said.