Trump and Intel's CEO are touting a $7 billion plant that has been under construction since 2011 as a new jobs creator

Intel CEO Brian Krzanich announced that the chipmaker will be investing $7 billion in a semiconductor plant in Arizona after meeting with President Donald Trump.

Krzanich said that the company will complete the construction of a factory in Chandler, Arizona that will create its new 7 nanometer semiconductors.

At the meeting in the Oval Office, Krzanich said that the company has "been working on this factory for several years" but decided to fully finish the project as a result of some of Trump's policies.

"It's really in support of the tax and regulatory policies that we see the administration pushing forward that really make it advantageous to do manufacturing in the US," said Krzanich in the Oval Office.

Intel began construction on the factory, known as Fab 42, in Chandler, Arizona in 2011 and had left the plant vacant since 2014. Back then, the Arizona Republic said the plant was supposed to create 1,000 jobs after a $5 billion investment from the company.

It is unclear if the $7 billion investment is on top of the previously announced $5 billion number and whether the added investment is for an expansion of the existing building or for equipment. An Intel spokesperson told Bloomberg that the investment will not increase Intel's planned capital expenditure budget for 2017.

President Barack Obama also visited the site while it was under construction in 2012, saying the Fab 42 was an example of an "America that attracts the next generation of good manufacturing jobs" according to the 2014 report.

A press release accompanying the announcement on Wednesday said that the plant will directly employ 3,000 workers in Arizona when it is completed in three to four years. Intel also said that the plant will create 10,000 total jobs including indirect employment created through support activities.

"Great thing for Arizona, unbelievable company and product," said Trump. "And we're very happy and I can tell you the people of Arizona are very happy. It's a lot of jobs."

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