Intel to Invest $11 Billion on New Israeli Chip Plant, Says Finance Minister

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Intel to Invest $11 Billion on New Israeli Chip Plant, Says Finance Minister

Intel Corp will invest ILS 40 billion ($10.9 billion) on a new chip-making factory in Israel, the Israeli finance minister said on Monday, the latest multi-billion dollar investment in the country by the US semiconductor giant.

"Intel's global management has informed us about its decision to invest another ISL 40 billion in Israel, an unprecedented decision that is expected to bring thousands of jobs to the south (of Israel)," the country's finance minister Moshe Kahlon said on Twitter.

The news follows a commitment by Intel in May last year to invest about ISL 18 billion ($5 billion) to upgrade its existing factory in the southern Israeli city of Kiryat Gat between 2018 and 2020.

That agreement had included a promise by Intel to spend ISL 3 billion on local suppliers.

Intel is planning to build its new factory at Kiryat Gat, the Globes news website reported earlier on Monday.

The agreement with Israel could include an exemption from the tender obligation with the government, and Intel is already preparing physical infrastructure to build the plant in Kiryat Gat, the report added.

Intel did not respond to Reuters' request for comment following Kahlon's Twitter post.

Santa Clara, California-based Intel is one of the biggest employers and exporters in Israel, where many of its new technologies are developed.

© Thomson Reuters 2019

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