US chipmaking giant, Intel, is set to invest a record $25 billion into a new factory in Kiryat Gat, Israel, Prime Minister Binyamin Netanyahu announced on Sunday. The factory, slated to open in 2027 and remain operational until at least 2035, is expected to create thousands of jobs. Under the deal, Intel’s tax rate will rise from 5% to 7.5%, the Finance Ministry noted.
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Intel has been a significant player in Israel’s electronics and information industry, becoming the country’s biggest privately held employer and exporter. The company, which acquired Israel-based Mobileye for $15 billion in 2017, credited its Israel operations for playing a critical role in its global success.
Netanyahu hailed the deal as “a tremendous achievement for the Israeli economy.” Likewise, Finance Minister Bezalel Smotrich described Intel’s investment as “a vote of confidence in the Israeli economy.” Economy Minister Nir Barkat echoed these sentiments, acknowledging the credibility and trust the country’s high-tech industry holds among international executives.