The White House announced Trump's meeting with Krzanich in a last-minute update to its daily schedule sent to reporters about an hour before the meeting took place.
"I just want to introduce Brian Krzanich, who is the CEO of Intel, a great, great company," Trump said.
He said that Krzanich had a "very big announcement" and invited him to speak.
"Brian, why don't you say a few words and maybe also talk about the product you're going to be making?" Trump said. "It's amazing."
"It's an honor to be here today representing Intel and to be able to announce our $7 billion investment in our newest most advanced factory, Fab 42, in Chandler, Arizona," Krzanich said.
The executive said the factory will produce 7-nanometer semiconductor chips and create about 3,000 direct jobs, with over 10,000 more created in support of the factory.
"Thank you, Brian," Trump said. "We have something over there that will show a little bit about the new product."
"This is one of our newest 10-nanometer silicon wafers," Krzanich said, holding an apparent example of the kind of product he said the factory will produce.
"Do you have any questions for Brian? I know you have none for me, so how about Brian?" Trump said.
"Do you plan to bring back jobs?" a reporter asked. "The other business you have outside the country, do you plan on bringing them back here?"
"This is actually expansion. This is about growth," Krzanich said.
He did not answer whether or not the factory will fulfill Trump's campaign promise to "bring back" jobs to the United States.
"Great thing for Arizona," Trump interrupted. "Unbelievable company and product, and we're very happy, and I can tell you the people of Arizona are very happy."
Former Intel President and CEO Paul Otellini announced in 2011 that the corporation would invest over $5 billion in Fab 42, which was originally set to be completed in 2013, according to a report by PCWorld.
Otellini made the announcement during a visit by President Barack Obama to an Intel facility in Oregon, per the report.
Obama hailed the planned factory in 2012 as an example of "an America where we build stuff and make stuff and sell stuff all over the world."
Intel indefinitely postponed the factory's opening in 2014 amid decreased demand, according to a report by the Oregonian.