Israel has given approval for Intel, the U.S. computer chip giant, to build a factory in the southern city of Kiryat Gat with a whopping investment of 25 billion U.S. dollars. This approval was confirmed through a joint statement made by Israel’s finance and economy ministries and Israel Tax Authority (ITA) on Tuesday.
This move marks the largest investment made by a foreign company in Israel. Intel is scheduled to complete construction of the plant by 2028 and it is expected to bring substantial economic benefits to Israel, including the employment of thousands of high-wage workers at the facility, as per the joint statement.
As part of legal incentives to encourage capital investments, the company will be granted 12.8 percent of the investment amount, which equates to 3.2 billion dollars. This is a substantial sum that Intel will receive under Israeli law.
Since the 1970s, Intel has been present in Israel, currently employing approximately 12,000 workers across three development centers and a manufacturing facility in the country. This new investment is a significant development for the company and for Israel as a whole.
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