(Yicai Global) July 27 -- The world's largest electronics manufacturing services provider Hon Hai Precision Industry Co., trading as Foxconn Technology Group Technology Group [TPE:2354], will invest USD10 billion over the next four years to build a liquid crystal display panel plant in Wisconsin, US.
The plant represents the largest foreign investment in American history, the company said.
The Taiwanese multinational, a major supplier to Apple Inc. [NASDAQ:AAPL], will initially create 3,000 jobs through the factory and could eventually employ up to 13,000.
President Donald Trump and Foxconn founder and chief executive Terry Gou announced the plans at an event in the East Room of the White House yesterday. Vice President Mike Pence, Wisconsin Governor Scott Walker and Speaker of the House of Representatives Paul Ryan also attended the event.
"As the first in a series of facilities we will build in several US states, this is part of a bigger plan to create a robust 8K video and 5G network ecosystem in the United States," said Gou.
Foxconn aims to leverage the country's preferential policy to reduce construction costs for the plant, analysts said.
The factory will also enable the company to stay abreast of consumer demand in the North American market, and promote high-value-added products such as high-definition 8K televisions to increase its market share.
The move does not mean that Foxconn will give up its market in mainland China, analysts said. The company aims to increase presence in all major markets including China, India and the US.