Intel will invest 40 billion shekels (US$10.9 billion) on a new chip-making factory in Israel, stepping up its operations in the country, Reuters reports, citing the Israeli finance minister.
“Intel’s global management has informed us about its decision to invest another 40 billion shekels in Israel, an unprecedented decision that is expected to bring thousands of jobs to the south (of Israel),” minister Moshe Kahlon said on Twitter on Monday.
The latest plan follows a commitment by Intel in May last year to invest about 18 billion shekels 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 3 billion shekels on local suppliers.
Intel is planning to build its new factory at Kiryat Gat, the Globes news website reported earlier on Monday.
The US semiconductor giant is already preparing physical infrastructure to build the plant in Kiryat Gat, according to the report.
Intel is one of the biggest employers and exporters in Israel, where many of its new technologies are developed.
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