US tech giant Intel has announced plans to invest $11 billion into a new Israeli chip plant in Kiryat Gat, southern Israel.
On Monday, Israeli Finance Minister Moshe Kahlon welcomed the news on Twitter, stating that “Intel’s global management has informed us about its decision to invest another 40 billion shekels in Israel, an unprecedented decision that is expected to bring thousands of jobs to the south (of Israel)”.
The new facility is expected to provide another 1,000-2,000 jobs over the next five years. Currently Intel employs 11,000 workers in Israel.
This decision is said to include a pledge to spend 3 billion shekels on local suppliers.
Since setting up operations in Israel in 1974, the US computer chip maker has made cumulative investments and acquisitions of over $35 billion in Israel, as of May 2018, and has grown into the largest private sector employer in the high-tech industry.
