President Trump met with Brian Krzanich, the chief executive of USA -based technology company Intel, on Wednesday to announce a $7 billion investment in an advanced computer chip factory in Chandler, Ariz.
Intel Chief Executive Officer Brian Krzanich announced the investment to reporters while standing behind President Donald Trump, a signal of how corporate America is adapting to a White House that is not reluctant to single out companies for praise or criticism.
He says the investment is partly in response in part to Trump's tax and regulatory policies.
"We think we need to be part of the conversation on issues such as immigration ... and other policies that are essential to innovation". The company added that the new plant would also help local businesses and fuel long-term job opportunities in the region.
Thank you Brian Krzanich, CEO of @Intel.
Intel first announced construction of a $5 billion Arizona-based chipmaking facility in 2011, but postponed Fab 42's official opening in 2014.
In his letter, Krzanich explained that Intel made a decision to revive the project as its growth increases. Krzanich is also one of the few tech industry leaders who advises the president.
Arizona lawmakers applauded the announcement on Wednesday.
Intel's move comes as opposition to the Trump administration gains ground in Silicon Valley, last week forcing Uber's CEO Travis Kalanick to step down from Trump's business advisory council, and prompting almost all major Silicon Valley tech firms - including Intel - to join legal action against the President's executive order on travel to the U.S.
In remarks to the press, Trump called Intel a "great, great company" and a "great thing for Arizona".
"This announcement continues a new era of business opportunity across the country and will provide a better future for many in the East Valley", said Rep. Andy Biggs (R-Ariz.) in a separate statement.
Intel joined more than 100 companies to file a legal brief opposing Trump's January 27 executive order, which barred entrants to the United States from seven majority-Muslim countries.
- Unmanned Japanese probe fails to remove space debris
- UC Berkeley Cancels Milo Yiannopoulos Talk Amid Protests
- Genie Bouchard burned by Patriots' Super Bowl comeback
- ED Secretary Nominee Narrowly Wins Committee Vote
- Rio Tinto rides commodities recovery to deliver 12% earnings climb
- Afghan civilian casualties hit all-time high, says UN
- Avalanche hits northwest Pakistan, at least 14 dead
- Iran launched another ballistic missile in secret last month, United States officials say
- United Kingdom tourists face European Union roaming charges post-Brexit
- AFCON 2017: Egypt Defeat Burkina Faso In Penalty Shootout To Reach Final