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Intel to invest $25 billion in Israel enterprise – PM — RT Business News


US tech giant is reportedly the country’s largest private employer and exporter

US chipmaking multinational Intel will pump $25 billion into a new factory in Israel, according to the country’s Prime Minister Benjamin Netanyahu, who said that the undertaking marks the country’s largest-ever international investment.

The new production line in the Israeli city of Kiryat Gat is expected to open in 2027, to operate at least through 2035 and to provide jobs for thousands of people, the Finance Ministry said, adding that, under the deal, Intel will pay a 7.5% tax rate, up from the current 5%.

According to Intel, the company has become Israel’s biggest privately held employer and exporter over its nearly five decades of operations in the country. The corporation is reportedly the leader of the local electronics and information sector.

Intel acquired Israel-based Mobileye Global, which is focused on developing and deploying advanced driver-assistance systems, for $15 billion in 2017. Last year, the US tech giant took Mobileye public.

According to Netanyahu, the deal for the facility in Kiryat Gat is “a tremendous achievement for the Israeli economy – 90 billion shekels – the largest investment ever by an international company in Israel.”

READ MORE:
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Its Israel operations had “played a crucial role” in the company’s global success, Intel said in a statement.

“Our intention to expand manufacturing capacity in Israel is driven by our commitment to meeting future manufacturing needs,” the company added. “And we appreciate the continued support of the Israeli government.”

For more stories on economy & finance visit RT’s business section

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