Intel Corp. plans to invest $7 billion in the development of a new factory in Phoenix, Ariz., the company announced after meeting with President Trump on Wednesday.

The tech firm plans to add 3,000 direct Intel jobs at an the Arizona semiconductor plant and another 7,000 manufacturing jobs to support the factory, Reed Cordish, an assistant to the president for intragovernmental and technology initiatives, told reporters.

"This has been a project that has been contemplated for close to four years," Cordish said. "The president and the administration's commitment to tax reform, smart regulation and deregulation, and a general attitude of making in America has given them the confidence and will to move forward."

According to Cordish, Intel had purchased the property on which it plans to build its new factory "a while ago."

The announcement came as Trump and Intel CEO Brian Kzranich were meeting privately in the Oval Office. Kzranich is a member of the president's manufacturing policy advisory council.

"One of the things the president is committed to is not only tax reform and deregulation in business, but also training the workforce of tomorrow," Cordish said.

Trump and Kzranich met previously in mid-December during a summit between the president and more than a dozen tech leaders.