The symbol for Intel appears on a screen at the Nasdaq MarketSite in New York, Oct. 1, 2019. (AP Photo/Richard Drew, File)
Prime Minister Benjamin Netanyahu said the deal was “unprecedented.”
By World Israel News Staff
Intel semiconductor giant will build a new chip manufacturing plant in Israel in a deal worth $25 billion, Prime Minister Benjamin Netanyahu said on Sunday, calling it the largest-ever international investment in the country.
The factory, scheduled to open in 2027, will employ thousands of workers at wages above the industry average, the Finance Ministry said.
The deal will include a significant the tax hike for the company, from the current 5 percent to 7.5 percent.
The company employs around 10,000 people in four cities in Israel: Haifa, Yakum, Petach Tikva and Jerusalem.
Intel Israel in 2022 posted record exports of $8.7 billion.
In 2017, Intel bought Mobileye for over $15 billion, still the largest investment in Israeli tech to date. In 2022, it also bought Israeli foundry Tower Semiconductor for $5.4 billion.
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