Washington DC, Oct. 14 -- US President Donald Trump on Wednesday (local time) announced a USD 21 billion investment backed by Japan to build two new semiconductor manufacturing facilities in Malta, New York, presenting the initiative as part of his administration's efforts to expand domestic manufacturing and create jobs ahead of the November midterm elections.

In a post on Truth Social, Trump said, "Another massive 21 billion dollar investment for America!"

"Today, under my leadership, GlobalFoundries and my Department of Commerce, led by Secretary Howard Lutnick, announced a massive 21 billion investment to build 2 giant new Semiconductor Manufacturing Facilities in Malta, New York," he said.

Trump said the project would create 27,00...