CHICAGO — The Governor of Wisconsin State Scott Walker inked a final contract with Foxconn Technology Group Chairman Terry Gou Friday for the planned massive display screen plant worth $10 billion in the state's southeast city of Racine.

According to the contract, the Wisconsin government has to provide an incentive package of $3 billion if Foxconn invests $10 billion in building a new display screen factory and campus near Racine.

To get the full benefit, the manufacturing giant would also have to fulfill its promise to hire 13,000 local workers.

The investment plan, labeled by Walker as "the largest economic development project in the history of Wisconsin," involves a virtual village, with housing, stores and service businesses spreading over at least 4 square kilometers, according to media reports.

US President Donald Trump announced Foxconn's plan to build a factory in Wisconsin at a White House event in July, accompanied by Foxconn Chairman Terry Gou.

Foxconn is the world's largest contract electronics manufacturer, most notable for making iPhones in China. The Wisconsin plant would construct liquid crystal display panels for televisions, computers and other uses.