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Intel Unveils New Investment At White House

Intel CEO Brian Krzanich has announced a major new investment in a facility in Arizona at the White House.

Standing behind President Donald Trump, Krzanich stated the company would spend $7 billion on a previously shelved factory, Reuters reported.

Intel suggests the investment will create 3,000 jobs.

Trump, who made the creation of jobs in the United States a major theme in his election campaign, said Intel had called him several days earlier to say they wanted to make a major announcement.

Krzanich chose the White House as the venue for the announcement to show Intel's support for the "tax and regulatory policies that we see the administration pushing forward," Reuters reported.

A White House official described the Intel factory as "the most advanced semiconductor facility in the world," according to The Wall Street Journal.

Construction on the plant began in 2011, but Intel abandoned the project in 2014 due to changing market conditions. The latest plan will see the factory operational within three or four years.

It is expected to take advantage of new technologies which require chips, including 5G phones and drones.

"This will impact a wide spectrum of industries from automotive to health care," the White House official added.

Trump described Intel's investment as "a great thing for Arizona."

Intel's investment announcement was seen as an opportunity to rebuild ties with tech companies after several of them, including Intel, joined in with criticism of the president's travel ban on people from seven Muslim-majority countries.

"We’re very happy and I can tell you the people of Arizona are very happy," Trump added. "It’s a lot of jobs."

Krzanich said the move would not see jobs being brought back to the United States from overseas, but was instead about "expansion."

"Intel is very proud of the fact that a majority of our manufacturing is here in the U.S., and the majority of our research and development is here in the U.S., while over 80% of what we sell is sold outside of the U.S.," he added.

Sources: Reuters, The Wall Street Journal / Photo credit: White House Photographer via Wikimedia Commons

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