JERUSALEM (Reuters) – U.S. Intel Corp is to invest $25 billion in a factory in Israel, which Prime Minister Benjamin Netanyahu says is the biggest international investment ever made in the country.
The Kiryat Gat plant is expected to open in 2027, operate until at least 2035 and employ thousands of people, Israel’s Finance Ministry said, adding that under the agreement, Intel will be taxed on height of 7.5%, against 5% currently.
Present in Israel for nearly 50 years, Intel is the country’s largest employer and private exporter, leading the local electronics and information industry, according to the company’s website.
In 2017, Intel bought the Israeli company Mobileye Global Inc, which specializes in driver assistance systems, for $15 billion.
Intel took Mobileye public last year.
Speaking on television on Sunday, Benjamin Netanyahu called Intel’s investment a “tremendous achievement for the Israeli economy – NIS 90 billion ($25 billion) – the biggest investment ever by an international company in Israel.” .
Intel in Israel did not immediately comment.
(Report Dan Williams and Ari Rabinovitch; Elizabeth Pineau)
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