Intel To Invest $25 Billion In Israel's Factory, The Largest-Ever International Investment
Intel announces plans to build a new factory in Israel with a $25 billion investment, set to become the country's largest-ever international investment.
U.S. chipmaker Intel Corp has revealed its intention to spend a staggering $25 billion on constructing a cutting-edge factory in Israel, making it the country's most significant international investment to date. Prime Minister Benjamin Netanyahu shared this groundbreaking news on Sunday, highlighting the remarkable boost this venture will bring to Israel's economy.
The factory, located in Kiryat Gat, is scheduled to commence operations in 2027 and operate until at least 2035, employing a substantial workforce. Israel's Finance Ministry, endorsing the project, confirmed that Intel would contribute to the nation's tax revenue with a 7.5% tax rate, surpassing the current 5%.
Having established its presence in Israel almost 50 years ago, Intel has become the largest privately held employer and exporter in the country, spearheading the local electronics and information industry, as stated on the company's website. In 2017, Intel made headlines by acquiring Mobileye Global Inc, a leading developer and deployer of advanced driver-assistance systems, for an astounding $15 billion. The following year, Intel took Mobileye public, solidifying its position in the market.
Prime Minister Netanyahu ecstatically shared the remarkable news during a televised address to his cabinet, lauding the investment as a monumental triumph for the Israeli economy. With a staggering value of 90 billion shekels ($25 billion), this move represents the largest-ever international investment in Israel by a multinational corporation.
In response to the announcement, Intel issued a statement expressing gratitude for the unwavering support of the Israeli government. The company emphasized that its decision to expand manufacturing capacity in Israel was driven by its commitment to meeting future manufacturing needs and recognized the pivotal role played by its Israeli operations in achieving global success.
Intel Corp to invest $25 billion in a new factory in Israel, the largest international investment in the country.
Factory in Kiryat Gat to commence operations in 2027, employing thousands until at least 2035.
Intel will pay a 7.5% tax rate, exceeding the current 5%.
Intel's acquisition of Mobileye in 2017 for $15 billion contributed to its success.
Prime Minister Netanyahu hails the investment as a significant achievement for the Israeli economy.