Israeli Prime Minister Benjamin Netanyahu said that US chipmaker Intel will invest $25 billion to set up a new factory in the country, stating that this investment is the largest international investment ever in Israel.

In the statement made by the Israel Ministry of Finance, it was stated that the factory planned to be established in Kiryat Gat is expected to open in 2027, operate until at least 2035 and provide thousands of jobs.

With operations in Israel for almost fifty years, Intel is the country’s largest private company, exporter and leader in the local electronics and computer industry, according to the statement on the company’s website.

Netanyahu told the cabinet meeting that the deal was “a great success for the Israeli economy, and the $25 billion investment is the largest investment ever made in Israel by a foreign company.”

“Our desire to expand our production capacity in Israel stems from our determination to meet future production needs… We welcome the continued support of the Israeli government,” Intel said in a statement. (Reuters)