“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.”
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