British media: Foxconn's "spending too much" is not optimistic about billions of investment in the United States

【World Wide Web Reporter Lin Di】 According to the British "Guardian" reported that Foxconn plans to invest about 10 billion US dollars in the United States to build a state-of-the-art liquid crystal display factory in Wisconsin. It is reported that this will be the largest new investment by foreign companies in the United States in history. But given the disturbing history of Wisconsin's economic development, Foxconn, which is a supplier of technology giants such as Apple, Google, and Amazon, often reneges on promises. Therefore, this news has caused a great uproar in the United States, and people remain vigilant about whether the plan can be successfully implemented.

According to reports, in order to pay back the $3 billion subsidy provided by the state, supporters stated that Foxconn promised to create 13,000 jobs within six years. According to foreign media, only 3,000 of these jobs will be honored immediately. At the same time Foxconn also made a promise that the average annual salary of Wisconsin factory workers is 54,000 US dollars.

In addition, according to the “Washington Post” report, Foxconn has a record of failing to fulfill its employment promise. In 2013, Foxconn announced plans to invest US$30 million in Pennsylvania and recruit 500 people. However, this plan eventually came to an end.

Yahoo Finance issued a statement saying that Foxconn's factories like to use robots. Therefore, Foxconn’s job opportunities to Wisconsin may be less than they expected.

Historically, Foxconn’s investment agreements in Indonesia, India, Vietnam, and Brazil have often been “falling down to the bottom”. For example, in India, the company promised to invest 5 billion U.S. dollars in five years to create 50,000 jobs. According to the Washington Post, this goal is far from being achieved.

It is worth mentioning that Foxconn's parent company, Hon Hai, also played an important role in the "Sharp and Hisense" litigation in the recent days. According to media reports, in 2015, Sharp was invited by Sharp to operate the Sharp North America, which was operating in an economically difficult and unsustainable manner. Sharp TV has since started to bottom out. In 2016, after Hon Hai purchased Sharp, it began to terminate the contract with high pressure and various reasons, retaking the Sharp brand from Hisense. Earlier, Taiwanese media reported that the head of Sharp’s president, Dai Zhengwu, who was sent by Hon Hai, said that he would take “disruptive” actions under the support of Foxconn and let Hisense spit out “Sharp”. According to some media commentary, Hon Hai’s intervention has caused Japanese companies that advocate “reputation first” to fall into the “spread of words” storm.

Therefore, with regard to Foxconn’s current investment of 10 billion U.S. dollars and its commitment to solving the employment problem, the US gambling “bet” will be short-sold by the foreign company in the eyes of the foreign company, and all parties are continuing to pay attention.

According to foreign media reports, six states in the United States have negotiated with Foxconn on the establishment of a factory. Joe Peacock of the Wisconsin Budget Project Office pointed out that in order to win in this match, the total cost of property tax relief and employment training costs promised by Wisconsin may exceed $3 billion. He said similar deals often end up as a "zero-sum game" in the U.S. states.

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