Intel confirmed that it will invest a total of $25 billion in Israel after receiving a reference of $3.2 billion from the Israeli government. In this respect reports Bloomberg agency.
The funds will be used to expand Intel’s semiconductor production in Israel. In particular, the American IT giant plans to establish a new chip production facility in Kiryat Gat. The business will provide thousands of new jobs. Despite the fact that currently the company in Israel already employs 11.7 thousand people.
“The plan to expand the Kiryat Gat facility is an important part of the company’s ongoing and planned manufacturing investments in Europe and the United States, as well as Intel’s efforts to build a more resilient global supply chain,” Intel said in a statement.
The Israeli government has asked Intel to have the new facility operational by 2028 and to keep it operating until at least 2035. Intel has also pledged to spend 60 billion shekels (about $16.6 billion) on Israeli suppliers over the next decade.
The Israeli Ministry of Finance described Intel’s investment as the largest in history among all commercial enterprises operating in the country.
Previously Huawei rescued It escaped US sanctions and returned to leadership of mobile processor developers.