Japanese Company Sharp To Begin Construction Of $7 Billion Plant In US Before June 30: Report

Japanese company Sharp Corp, which specializes in making smartphone and TV displays, might start construction on its $7 billion U.S. plant before June 30, according to Reuters.

Sharp has taken on the offer to set up its production unit in the U.S., after Foxconn, its Taiwanese parent company, chose to let Sharp take the lead.

The decision comes just ahead of Japanese Prime Minister Shinzo Abe’s U.S. visit. The PM will meet President Donald Trump on Feb. 10 and is expected to unveil investments, which are expected to create as many as 700,000 U.S. jobs, Reuters stated citing sources familiar with the matter.

Abe is expected to table a public-private partnership proposal intended to create thousands of jobs along with a joint investment of $150 billion by private investors and the Japanese government in infrastructure, over the next decade.

Japan has a consistent trade surplus with the U.S., an issue that is expected to be addressed by Japanese companies by helping create a $450 billion market in the U.S., turning a crisis issue into a business opportunity for both countries.

Donald Trump came into power promising to create jobs and bringing back production to the U.S. The president has tried to woo major tech companies such as Apple and Samsung to make in America. While Apple is still on the sidelines and the company’s CEO has only slightly indicated that it might look into U.S. production, Samsung is rumored to be working on opening a plant to manufacture home appliances in the U.S. Another major tech company, LG has already announced a plant for manufacturing home appliances and TVs in the U.S., possibly in Tennessee.