Intel receives $3.2 billion from Israel for a new $25 billion chip factory. In a joint statement with the Economy Ministry and Israel Tax Authority, the Finance Ministry announced that Intel will invest $25 billion to construct a new factory in Israel. Intel’s shares rose 1.9% at $48.90 in premarket Nasdaq trading.
According to the terms of the agreement, the computer giant Intel would hire hundreds of people in the Kiryat Gat region. By 2028, Intel anticipates starting operations in the new facility.
Finance Minister Betzalel Smotrich said, “The global company Intel’s choice to approve the unprecedented investment of $25 billion right here, in Israel, is important and significant,” “Such an investment, at a time when Israel is facing a war against absolute evil, a war in which good is obliged to defeat evil is an expression of confidence in the State of Israel and the Israeli economy.”
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CNBC reported, “The expansion plan for its Kiryat Gat site which is 42 km (26 miles) from Hamas-controlled Gaza is an “important part of Intel’s efforts to foster a more resilient global supply chain, alongside the company’s ongoing and planned manufacturing investments in Europe and the United States,” Intel said in a statement.”
Apart from the grant, which represents 12.8% of the entire investment, the chipmaker has pledged to purchase goods and services valued at 60 billion shekels ($16.6 billion) from Israeli suppliers over the next ten years. It is anticipated that the new plant will generate several thousand jobs.
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