The prime minister of Israel called the agreement a great success for the country’s economy, as investment is a record.
US chip maker Intel Corp will spend $25 billion on a new factory in Israel. Reuters reported this on June 19, citing Prime Minister Benjamin Netanyahu’s statement.
The Kiryat Gat plant is scheduled to open in 2027, run until at least 2035, and employ thousands of people, according to Israel’s Finance Ministry. The company, according to the agreement, will pay 7.5% tax compared to the current 5%.
Netanyahu, announcing the agreement, called it “a major victory for the Israeli economy.”
“NIS 90 billion ($25 billion) is the largest investment ever made by an international company in Israel,” the prime minister said.
In a statement, Intel said its operations in Israel “play a critical role” in the company’s global success.
As you know, in 2017, Intel acquired the Israeli company Mobileye Global Inc, which develops and implements advanced driver assistance systems, for $ 15 billion, and last year it was taken to the stock exchange .
It was previously reported that Intel will invest $4.6 billion in a new chip manufacturing plant in Poland.
Samsung will invest $230 billion in chip manufacturing in South Korea
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.