American chip group Intel is to build a new factory in Israel for $25 billion. Israeli Prime Minister Benjamin Netanyahu said on Sunday. According to him, this is the largest international trade investment ever made in Israel.
The factory will be located near the city of Kiryat Gat and is expected to open in 2027. Thousands of people will go to work, according to a statement from the Israeli finance ministry. Netanyahu speaks of “a great result for the Israeli economy”. Israel will provide construction subsidies.
Intel has been in Israel for almost fifty years and is a major employer there. In 2017, Intel acquired Israeli company Mobileye Global for more than $15 billion. Mobileye is active in self-driving car technology and was listed on the New York Stock Exchange last year.
‘critical role’
Intel said in a statement that its operations in Israel have played a “pivotal role” in the company’s global success. “Our intention to increase production capacity in Israel is driven by our commitment to meet future demand. We appreciate the continued support of the Israeli government,” Intel said.
It was announced on Friday that Intel also wants to build a new factory in Wroclaw, Poland. This involves an investment of 4.2 billion euros. Intel CEO Pat Gelsinger made the announcement during a visit to Wroclaw in southwestern Poland. Intel also has plans for a new factory in Magdeburg, Germany.
Source: BNR
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