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31 July 2017, 12:26 | Cedric Leonard
Terry Gou Chairman of Taiwan’s Foxconn also known as Hon Hai listens during a press conference in New Taipei City on June 22
Friday's stop was part of a four-city swing pitching the Foxconn deal.
The funding is contingent on also receiving federal money for the project.
Foxconn Technology Group, which helped turn China into the center of electronics manufacturing, said it would build a $10 billion plant in Wisconsin to make display panels used in televisions and other products. Apple spent $75 billion with Foxconn in 2016. "But it is tied to the investment-half of it is for the jobs". Does it matter? Does it matter if they bring 3,000 jobs to Wisconsin or 13,000 jobs to Wisconsin?
Tangen said the benefits to the company would be substantial. If the state legislature approves, half of this amount is meant for capital costs while the other half for workforce development and there would be some sales tax exemptions too, he said. He said all of southeastern Wisconsin would likely reap some benefit with the arrival of cellphone maker Foxconn.
"There are clawbacks in here, there are all sorts of protections for the taxpayers". "You want to be in this corridor". "But in the end, I am so optimistic about this". "And, we know that supply chain is not just limited to the county, or proximity of where it's at, they're going to working with folks from across the state". In exchange, the state is providing the company with $3 billion in financial incentives, making it Wisconsin's largest state subsidy ever. "It would be similar to our enterprise zone tax credits".
Walker's comments follow criticisms from some Wisconsin lawmakers and economic development professionals who expressed doubts about the state's $3 billion commitment to Foxconn.
AMERICAN EXPANSION: A new US plant will bring Foxconn closer to its biggest market.
It's worth noting that in 2013, Pennsylvania Gov. Tom Corbett announced that Foxconn planned to invest $30 million in a "high-end technology manufacturing facility" with 500 jobs. Dave Hansen, D-Green Bay. It would mark a substantial gain for a state that now has 472,000 manufacturing jobs and is still recovering from factory layoffs - including the closure of a General Motors plant in Ryan's hometown - that hit after the 2008 financial crisis.
Much like the competition between states for the new Foxconn facility, though, Blank acknowledged UW-Madison will have to convince company officials that it deserves those research partnerships over other institutions.
"It starts today with this investment in Wisconsin", Gou says. The project will create 13,000 new jobs and should be completed by 2020, according to Wisconsin Gov. Scott Walker.
Walker says there will be a special legislative session to work out an incentives package in August. The details of the incentive package would be announced in the coming days, he said. "Nothing even comes close", Knapp told Bloomberg BNA. The fine print on this will not look as good as the big announcement, but still it's, of course, a big deal, without question.
The Taiwanese electronics manufacturer is a major supplier to Applec Inc.
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