Israeli Prime Minister Benjamin Netanyahu said in a statement a while ago that US chip maker Intel will spend $25 billion for a new factory in Israel. This huge investment planned will be the largest international investment Israel has managed to attract so far.Biggest investment in Israel
The Israeli Ministry of Finance said the factory in Kiryat Gat will open in 2027, operate until at least 2035 and employ thousands of people. The ministry added that under the agreement, Intel will pay 7.5% tax instead of the current 5% tax. According to the company’s website, Intel has grown into the country’s largest private sector employer and exporter during its nearly fifty years of operation in Israel. Intel is also the leader of Israel’s electronics and information industry.
In 2017, Intel bought Israel-based Mobileye Global, which develops and distributes advanced driver assistance systems, for $15 billion and took it public last year. On the other hand, announcing the agreement in a televised speech, Netanyahu described it as “a tremendous achievement for the Israeli economy” and referred to the investment as “the largest investment by an international company in Israel”. Intel said in a statement that its activities in Israel “play a crucial role” in the company’s global success.
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