Unlikely to succeed
Most likely just another pork barrel.
Even if they actually managed to build 1-2 factories with that money, those factories would only be able to build high-end, big-profit products. There is a reason all factories have been moved to cheaper countries, and are constantly shuffled around as people over there progressively get smart and ask for adequate pay.
So they'll probably build a factory and run it as long as the subventions finance it, then it will be sold to some "acquaintance" and turn into a tax-financed mall...
Biting the hand that feeds IT
