It is encouraging that negotiations between the state of Wisconsin and Foxconn have taken a positive turn and a new agreement related to company performance and tax credits is under consideration, Tech Council President Tom Still said Monday.
If such an agreement is approved by the Wisconsin Economic Development Corp. board of directors, it stands to help Wisconsin over time in these ways:
- The COVID-19 epidemic drilled home the importance of onshoring, especially in manufacturing sectors, to keep America safe and secure. By establishing operations in the town of Mount Pleasant and the state of Wisconsin, Foxconn will help to meet that national challenge.
- It will also reinforce Foxconn’s corporate goal, made clear over the past six months, to move more of its supply chain and contract manufacturing outside China and Taiwan. About 30 percent of the company’s supply chain is currently outside Taiwan and China and growing.
- Foxconn is the world’s number one contract electronics manufacturer, the number two employer behind Amazon, and one of the top four largest companies three years running in revenues. Those are metrics that should accrue to Wisconsin’s favor in a global marketplace.
- The proposed agreement stands to protect and advance investments already “in the ground” by the state, the communities in and around Racine County, the company itself and its suppliers.
- As one of the world’s largest technology companies, Foxconn will bring the potential to work with Wisconsin academic institutions and companies of all sizes on shared research and development goals.
Contact: Tom Still at 608-442-7557
To learn more online: wisconsintechnologycouncil.com