SoftBank CEO Son with Trump vows $100 billion investment in U.S.

U.S. President-elect Donald Trump and SoftBank Group Corp. CEO Masayoshi Son said Monday that the founder of the Japanese technology giant has committed to investing $100 billion in U.S. projects, centering on artificial intelligence and other emerging technologies, over the next four years.

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Trump, standing with Son at Trump’s Mar-a-Lago estate in Florida, praised the investment, saying it will create at least 100,000 jobs in the United States.

“My confidence level to the economy of the United States has tremendously increased with his (presidential) victory,” Son told a press conference, without disclosing how he intends to finance the investment or how much of it will be fresh spending.

Son made a similar announcement in December 2016 when he met with Trump in New York ahead of his first term in the White House.

The dollar amount of the planned investment and the anticipated number of jobs are both double the figures announced at that time by the billionaire entrepreneur.

“President Trump is a double-down president, I’m going to have to double down,” Son said, adding that he believes the incoming president will bring “peace again” to the world, in addition to knowing that economic and technology issues are crucial.

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Calling Son “one of the most accomplished business leaders of our time,” Trump said the “historic” commitment was “a monumental demonstration of confidence in America’s future.”

Trump said SoftBank’s investment will “help ensure that artificial intelligence, emerging technologies and other industries of tomorrow are built, created and grown right here in the USA.”

“One of the beautiful things about Masa is he’s very much involved with emerging technology,” the president-elect said of Son. Trump sometimes attacks foreign companies for what he characterizes as stealing U.S. jobs.

SoftBank, founded in 1981, has more than 1,200 subsidiaries, including a major mobile network operator. Through its venture capital fund, it has actively invested in startups in the United States and elsewhere.

The gathering to unveil SoftBank’s pledge turned out to be Trump’s first major press conference since he won the election on Nov. 5. He spoke and answered a range of questions for more than an hour.

But before dealing with a number of subjects, including his incoming administration’s stance on tariffs and vaccines, as well as how to end the war in Ukraine, Trump suggested that doubling the 2016 pledge is not enough, asking Son to increase the investment amount to $200 billion.

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Son said Trump is a “great negotiator” and promised to “really try,” while stressing that in order to do so he would need Trump’s help.

Trump responded, “You will have my support.”

“Oh, fantastic,” Son said. “I’m sure our people in Japan are proud to make the (U.S.-Japan) partnership…stronger, and I’m very excited to make this happen.”

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