A Japanese multinational company is set to build a U.S. plant worth $7 billion in the first half of this year – which could create up to 700,000 in the Unites States following reports emerging from the country.
Sharp Corp, designs and manufactures electronic products has taken the lead on a project which was initially outlined by its Taiwanese parent Foxconn. The decision by Foxconn to give Sharp the lead on the project has been made public as Japanese Prime Minister Shinzo Abe prepares to visit the United States to meet with President Donald Trump.
It is believed that Prime Minister Abe will unveil an investment package to Trump which would create as many as 700,000 U.S. jobs according to sources close to Japanese cabinet.
A spokesman for Sharp Corp said that no decision had been agreed in relation to constructing the plant in the U.S., whilst Foxconn declined to comment on the topic. However, just last month – chief executive of Foxconn, Terry Gou revealed he was considering investing around $7 billion to build a display-making plant in the U.S. He didn’t elaborate further on the project at that time – other than simply declaring that he was weighing up an investment opportunity in the United States.
Gou disclosed that Foxconn, which operate plants in China that produce most of Apple‘s iPhones – had been considering the investment for years. He said the topic was raised when business partner Masayoshi Son, head of Japan’s SoftBank Group Corp spoke to Gou before a meeting Son had with Trump.
Foxconn established control of Sharp when it acquired two-thirds of the Japanese liquid crystal display pioneer. It’s a positive step for relations between the U.S and Japan. President Trump had been critical of Japan raising concern over the scarcity of U.S. cars in the automobile industry – and accused the Tokyo government of using monetary policy to devalue its currency which along with China and Mexico contributed to the U.S. trade deficit.