Manufacturers in Asia's export-oriented economies are rushing to announce investment plans in the United States, as U. S. President Donald Trump calls for companies to build more products in the country.
Manufacturers in Asia's export-oriented economies are rushing to announce investment plans in the United States, as US President Donald Trump calls for companies to build more products in the country.
Trump has already issued an executive order withdrawing from the Trans-Pacific Partnership, threatened to brand some countries as currency manipulators, and is considering import tariffs or border taxes as part of his "America First" policies.
Following is a list of Asian companies that have announced plans to help the United States create jobs and boost manufacturing.
SHARP CORP
The Japanese display maker may start building a $7 billion (nearly Rs 46569.25 crore) plant in the United States before June 30, taking the lead on a project initially considered by its Taiwanese parent Foxconn, a person with knowledge of the plan said on February 8.
Image Source: Getty Images
The decision by Foxconn to give Sharp the lead on the project comes as Japanese Prime Minister Shinzo Abe prepares to travel to the US to meet Trump.
SAMSUNG ELECTRONICS
The South Korean firm may build a US plant for its home appliances business, a person familiar with the matter said on February 2.
Details, including the amount of money it might invest and where the new plant would be located, have yet to be decided, the person said.
Image Source: Reuters
Samsung officially declined comment but said it has made significant investments in the US, including $17 billion for a chip plant in Austin, Texas.
LG ELECTRONICS INC
The South Korean electronics firm said on February 2 it will decide whether to build a manufacturing base in the US within the first half of the year and warned of risks from the Trump administration's trade policies.
Image Source: File Photo
SAMSONITE INTERNATIONAL SA
On January 26, the world's largest luggage maker said it was considering relocating some of its manufacturing to the US. Nearly 40% of Samsonite's sales are in the US.
FOXCONN
Foxconn's chairman Terry Gou said on January 22 that the world's largest contract electronics maker may set up a display-making plant in the US. Such an investment would exceed $7 billion (nearly Rs 46,569.25 crore) and could create about 30,000-50,000 jobs.
Image Source: Reuters
Gou said Foxconn, whose formal company name is Hon Hai Precision Industry Co, has considered the move for years. The idea was revived when Foxconn business partner Masayoshi Son, head of Japan's Softbank, talked to him before Son's December meeting with Trump.
Foxconn already has operations in Pennsylvania, which Foxconn would prioritize, depending on land, water, power, infrastructure and other investment conditions, Gou said.
HYUNDAI MOTOR GROUP
The Hyundai Motor Group, which includes Hyundai Motor Co and Kia Motors Corp, said on January 17 it plans to lift US investment by 50% to $3.1 billion (nearly Rs 20623.53 crore) over five years and may build a new plant there.
Image Source: Reuters
Group President Chung Jin-haeng denied the plan was due to any pressure from Trump. A new US factory would depend on whether demand improved under the next US administration, he said.
The investment would retool existing US factories and boost research on self-driving cars, artificial intelligence and other future technologies.
ALIBABA GROUP HOLDING LTD
The Chinese e-commerce giant's executive chairman Jack Ma met Trump on January 10 and laid out a plan to bring one million small US businesses onto its platform to sell to Chinese consumers over the next five years.
Image Source: Reuters
Alibaba has previously campaigned to bring more small US businesses onto the company's sites, but this was the first time Ma discussed specific targets.
Alibaba expects the initiative to create one million US jobs as each company adds a staff position.
TOYOTA MOTOR CORP
The Japanese automaker announced on January a $10 billion (nearly Rs 66,527.5 crore) investment plan in the US over the next five years - the same as in the previous five years - to meet demand and upgrade plants to build more fuel-efficient models.
Image Source: Getty Images
The automaker has come under fire from Trump over plans, announced in 2015, to shift production of the Corolla to its Mexico plant from Canada. Toyota has said its mid-term US investment plans were not a response to Trump's remarks.
SOFTBANK Group Corp
Son, the head of telecom operator Softbank, met Trump on December 6 and pledged a $50 billion (nearly Rs 3.33 lakh crore) investment that would create 50,000 new jobs in the US.
Image Source: Reuters
The investment, announced jointly by Trump and Son in the lobby of the Trump Tower in Manhattan, would come from a $100 billion (nearly Rs 6.65 lakh crore) investment fund Son announced in October jointly with Saudi Arabia's sovereign-wealth fund, media reports said.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Representational image")
)
)
)
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}