Intel to invest record $25bln in new factory in Israel

Jerusalem: US-based tech company Intel will spend $25 billion to build a new chip factory in Israel, Prime Minister Benjamin Netanyahu said on Sunday, dubbing it the biggest-ever investment in the country.
“This morning we announced that agreement has been achieved in principle between Intel and the Finance Ministry on a huge and unprecedented investment by Intel in Israel, in a chip manufacturing plant, that will use the most advanced technology in the world. $25 billion will be invested in this plant … This is the largest investment ever in the State of Israel,” Netanyahu said at the start of the weekly cabinet meeting.
He added that the deal “reflects the strength” of Israel’s free economy and its emerging high-tech segment.
The factory is expected to employ thousands of people, whose wages will be above the standard for the manufacturing industry. Israeli news outlet Arutz Sheva reported that Intel will pay a 7.5% tax rate under the deal, up from 5%. The tech company is expected to open the plant in 2027 and operate it through 2035, the report added.
Intel Corporation is a technology manufacturer that was founded in 1968. It produces a wide range of computer system components including semiconductors.
UNI/SPUTNIK