Intel investing USD 25 billion in Israeli manufacturing facility
Dec 27, 2023
Tel Aviv [Israel], December 27 (ANI/TPS): Intel Israel and Israeli government authorities announced plans to build a new manufacturing facility in Kiryat Gat on Tuesday morning with a USD 25 billion investment.
"The global company Intel's choice to approve the unprecedented investment of USD 25 billion right here, in Israel, is important and significant," Finance Minister Betzalel Smotrich said in a joint statement with the Economy Ministry and Israel Tax Authority.
"Such an investment, at a time when Israel is facing a war against absolute evil, a war in which good is obliged to defeat evil... is an expression of confidence in the State of Israel and the Israeli economy," Smotrich stressed.
The Intel Corporation is an American multinational corporation and one of the world's largest and most prominent semiconductor chip manufacturers. It already operates a factory in Kiryat Gat producing semiconductor chips using advanced manufacturing processes.
Under the terms of the agreement, Israel will provide Intel with a USD 3.2 billion grant over several years. Intel will undertake to hire thousands of Israeli high-tech workers, and also buy products and services from Israeli companies and contractors. The company's obligations to meet the goals are a condition for receiving the grant.
The new factory is expected to begin operating in 2028. Intel will operate it at least till 2035.
Intel's involvement in Israel began in the 1970s when it established its first development center in Haifa. Over the years, Intel has expanded its presence in Israel with multiple R&D facilities in Haifa, Jerusalem, and Petah Tikvah. These centers are involved in developing and designing advanced technologies for various products, including processors, chipsets, communication technologies, and software. (ANI/TPS)
