President Donald Trump announced that the computer, communication, and electronics manufacturer Foxconn would be building a plant in southeast Wisconsin at an event that took place in the White House yesterday.

Also in attendance were Foxconn chairman Tarry Gou and Wisconsin Governor Scott Walker, among other dignitaries.

The new factory will produce LCD panels for TVs and for the automotive and healthcare industries.

Trump said Foxconn’s initial investment will amount to more than $10 billion which will create 3,000 jobs. He also said that a larger facility which could create up to 13,000 jobs “is currently under negotiation.”

“To make such an incredible investment, Chairman Gou put his faith and confidence in the future of the American economy,” the president said. “In other words, if I didn’t get elected, he definitely would not be spending $10 billion.”

Wisconsin offered Foxconn a $3 billion, 15-year tax credit incentive package to encourage the investment.