The Israeli government and Intel confirmed plans to build a $25 billion chipmaking factory in the south of the country, an investment Prime Minister Benjamin Netanyahu has described as the biggest in Israel’s history.
The American tech giant already employs 11,700 people in Israel and has invested more than $50 billion in the country over the last 50 years.
Intel now wants to expand its existing chipmaking factory at Kiryat Gat — about 16 miles northeast of Gaza — undeterred by the October 7 attacks and the ongoing war between Israel and Hamas. Reuters earlier reported the news.
“Intel has chosen to approve an unprecedented investment of $25 billion and to establish its new factory right here in Israel,” Israel’s finance minister Bezalel Smotrich wrote in a post on X on Tuesday.
“This investment promises to foster high-quality employment opportunities with elevated productivity in remote areas and will significantly contribute to the growth of the Israeli economy,” he added.
Netanyahu initially announced the new factory in June, describing it as “the largest investment ever by an international company in Israel.” [Continue reading…]