Netanyahu announces Intel’s groundbreaking $25 billion investment in Israeli factory.
JERUSALEM (Reuters) – U.S. chipmaker Intel Corp to Invest $25 Billion in New Israeli Factory
The Prime Minister of Israel, Benjamin Netanyahu, announced on Sunday that Intel Corp, a leading U.S. chipmaker, will be investing $25 billion in a new factory in Israel. This investment is considered the largest-ever international investment in the country, marking a significant milestone for Israel’s economy.
Expanding Manufacturing Capacity
The new factory, located in Kiryat Gat, is set to open in 2027 and operate until at least 2035. It is expected to create thousands of job opportunities for the local workforce. Israel’s Finance Ministry stated that as part of the deal, Intel will pay a 7.5% tax rate, an increase from the current 5%.
Intel has been operating in Israel for nearly five decades and has become the country’s largest privately held employer and exporter in the electronics and information industry, according to the company’s website. In 2017, Intel acquired Mobileye Global Inc, an Israel-based company specializing in advanced driver-assistance systems, for $15 billion. Last year, Intel took Mobileye public.
Prime Minister Netanyahu expressed his excitement about the investment, stating, “This is a tremendous achievement for the Israeli economy – 90 billion shekels ($25 billion) – the largest investment ever by an international company in Israel.”
Intel also acknowledged the importance of its Israel operations in its global success. In a statement, the company said, “Our intention to expand manufacturing capacity in Israel is driven by our commitment to meeting future manufacturing needs… and we appreciate the continued support of the Israeli government.”
Written by Dan Williams and Ari Rabinovitch; edited by James Mackenzie
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