“Intel Corp said on Tuesday it had submitted plans to expand its production operations in Israel, with the government saying the U.S. chipmaker would invest about $5 billion,” Ari Rabinovitch reports for Reuters.

“Intel is one of the biggest employers and exporters in Israel, where many of its new technologies are developed,” Rabinovitch reports. “The new investment will upgrade its Kiryat Gat manufacturing plant in southern Israel, the company said in a statement.”

“Israel’s Finance Ministry said the company would invest about 18 billion shekels ($5 billion) in the factory between 2018-2020 and had agreed to spend 3 billion shekels on local suppliers,” Rabinovitch reports. “In return, Intel will be granted an extension of its reduced tax rate of 5 percent until 2027. The Finance Ministry said it was also considering giving Intel a 700 million shekel grant, with a second grant of the same size to come with future investments.”

Read more in the full article here.

MacDailyNews Take: Congrats, Israel!

SEE ALSO:
Apple acquires Israeli facial recognition firm RealFace – February 20, 2017
Apple’s LinX acquisition: The Israeli startup that will give iPhones SLR-quality photos – April 15, 2015
Apple buys Israeli 3D/multi-image camera company LinX Computational Imaging – April 14, 2015
Apple’s focus in Israel: Chip design – February 26, 2015
Apple CEO Tim Cook meets with Israeli President Reuven Rivlin – February 25, 2015
Tim Cook meets with German Chancellor Angela Merkel – February 25, 2015
Israeli Prime Minister Netanyahu meets with Apple CEO Tim Cook in Cupertino – March 6, 2014
Apple confirms acquisition of Israel’s PrimeSense, company behind Microsoft’s Xbox Kinect, for $350 million – November 25, 2013
Apple confirms purchase of Israel-based Flash-memory part maker Anobit – January 10, 2012
Apple chooses Israel for first R&D center outside Cupertino – December 18, 2011