Intel in Israel Building (company website)
Intel will invest another $15 billion in its Israeli chip making plant located in the southern town Kiryat Gat, this as the Iron Swords War in Gaza continues. Israel’s government has agreed to provide a $3.2 billion grant to the plant.
Intel said it would invest $25 billion in total in the facility, which is located just 26 miles from Israel’s border with Gaza.
Intel is also committed to spending 60 billion shekels ($16.6 billion) on goods and services from Israeli suppliers over the next decade.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
This is an interesting development in the complex geopolitical landscape of the Middle East. It’s noteworthy that such a significant investment is being made by a major US company in Israel amidst ongoing conflict.
The $25 billion chip plant represents a major investment in Israel’s tech sector, potentially creating jobs and boosting the economy. Intel’s involvement could be seen as a sign of confidence in Israel’s stability and economic prospects, potentially strengthening its international standing.
Israel’s Minister of Finance Bezalel Smotrich was elated by the news.
“The choice of the global company Intel to approve the unprecedented investment of 25 billion dollars and to establish its new factory right here, in Israel, is important and significant. Such an investment, while Israel is at war with absolute evil,” he said.
“This investment will promote quality employment with high productivity in the peripheral settlements and will affect the growth of the Israeli economy,” added Smotrich.
Smotrich credited the professionals working in his ministry’s Budget Division, its Director General’s Office, the Chief Economist Division, the Tax Authority and the legal counsel who managed the process with Intel, for their “professional work and important results for the Israeli economy.”
On the war in Gaza, Smotrich added, “The State of Israel will end the difficult period and continue forward with its head held high, the Israeli economy will continue to flourish and prosper.”
