Israel announces: “Intel will invest 25 billion for a new factory”
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The “largest investment ever made by an international company in Israel”. So the prime minister Benjamin Netanyahuhe commented on the agreement announced by his finance ministry and which concerns the US chip giant intel, which will spend $25 billion on a new plant in the southern city of Kiryat Gat. The roadmap foresees the start by 2027 and to be operational until at least 2035, explained the ministry.
A news that comes only a couple of days after the one that concerned the Polandwhere Intel has an investment plan of nearly 5 billion.
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On the Israeli side, it is noted that the expansion of Intel, which already employs about 12,000 people in the country (where it has been active with research centers since the 1970s), will bring other “thousands” of jobs. The agreement – on which no official communications have arrived from the company but the confirmation of the intention to increase its production capacity in the country – also provides for an increase in the percentage of taxes that Intel pays to the coffers of Tel Aviv, from 5 to 7.5%, while in return the chip company will receive a subsidy equal to 12.8% of the expenditure incurred, in line with the Israeli investment encouragement law.
Intel’s presence in Israel had already strengthened in 2017, when it acquired Mobileye, which produces technology for automated driving systems in vehicles, for just over $15 billion.
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For the government of NetanyahuThis is an important announcement after several companies in the booming high-tech sector have announced plans to leave the country in recent months and some have even started raising capital following its judicial reform plan. which they fear could harm the economy.
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