Tech Giant Intel Casts Billion 'Vote of Confidence in Israeli Economy'

Maxine Fassberg, CEO of Intel Israel speaks during a ceremony at the Intel's Kiryat Gat plant. (Flash90) Maxine Fassberg, CEO of Intel Israel speaks during a ceremony at the Intel's Kiryat Gat plant. (Flash90)

Intel executives confirmed Tuesday that the company would invest some $5 billion in expanding production at its Kiryat Gat chip plant.

By: TPS

According to Israel’s Economy Ministry, Intel Israel’s general manager Yaniv Garty and Kiryat Gat plant manager Daniel Ben Atar presented plans to Economy Minister Eli Cohen, Chief Scientist Ami Appelbaum and Investment Promotion Center director Nahum Itzkovich Tuesday morning, and told them that the investment would commence by the end of this year and be completed by 2020.

“Intel’s decision to continue to invest significant sums in Israel is a vote of confidence in the Israeli economy,” Cohen said. “Intel’s operations in Israel in research and development and in advanced manufacturing are in line with the ministry’s policy of expanding exports and creating quality employment.”

The ministry said that Intel is expected to make a formal request today for investment grants for the project and added that a committee composed of the directors of the finance and economy ministry and the director general of the Tax Authority would convene next month to approve the grants.

While the ministry statement did not note the size of the expected grant, media reports in the financial press claimed that it could reach as much as $400 million. In 2014, Intel received a grant worth $300 million for a $6 billion investment in the plant.

Intel acquired Mobileye, a Jerusalem-based developer of advanced vision and driver assistance systems, for $15.3 billion last year.

Send Passover Packages to Needy Israeli Soldiers - Bring Them Joy!

We are honored to thank the young men and women of the IDF who risk their lives every day to protect the citizens of Israel. Since October 7th, soldiers have been on the battlefield for months - many are hoping to come home for Passover.

Join us in sending Passover food packages (and personal notes) to Israeli soldiers and their families.

Many soldiers spend the Passover holiday with needy families back home. The soldiers greatly appreciate your love and concern. Bring them Passover joy!

CLICK HERE TO SEND YOUR PACKAGE AND NOTE TO ISRAELI SOLDIERS!