President Donald Trump wants to ensure the creation of more jobs to reduce unemployment and has announced that several business deals have been concluded with big names and the prospects of generating Employment have brightened. He has indicated that Toyota & Mazda are expected to build a new plant that will create nearly 4000 jobs. Foxconn will probably invest upwards of $10 billion to set up facilities of an electronics factory in Wisconsin. That will create another 13,000 possible jobs and give a boost to the local economy.
Brief about Foxconn
According to Daily Mail UK, Foxconn is based in Taiwan and is believed to be the world's largest contract maker of electronics. Its plan is to construct the first liquid crystal display panel factory outside of Asia in Wisconsin. The leaders of Wisconsin and Donald Trump hope that such a facility would be beneficial to the state. However, Foxconn has a condition – it wants the state to approve $3 billion in tax breaks. Every state wants to boost its economy and it is understood that the Wisconsin lawmakers are taking necessary action to meet the requirement of Foxconn Technology Group so that it has a positive impact.
The tentative plan of Foxconn is to build a campus that spreads out over approximately 1.5 square miles.
However, past experience puts a question mark on its ambitious plans. In 2013 it had promised a huge investment with potentials of creating employment opportunities in Pennsylvania but that has yet to materialize.
USA Today adds that the investment of Foxconn could be in Dane County for a flat screen television plant that the Taiwanese company has committed to building in southeastern Wisconsin.
About Toyota-Mazda proposal
Another project that Donald Trump has announced is a joint venture between Toyota and Mazda. They want to have an auto manufacturing plant with huge potentials of generating employment and also improving the economy of the region. The proposal indicates setting up a plant with an annual production capacity of about 300,000 vehicles and jobs for around 4,000.
Its product would be Toyota Corollas for the North American market and its operation could begin by 2021.
CNN adds that Toyota already has plants in Indiana, Kentucky and Texas but the Corollas that are sold in the U.S. are made in Ontario, Canada or Mississippi. Mazda has yet to make an entry in the automobile market in the U.S. Therefore, the joint partnership appears to be an attractive proposition with prospects of investment of $10 billion by Toyota in the U.S. over the next five years. The probable location is yet to be decided and there is a competition among states to land the factory by offering attractive subsidies and tax incentives.
