Intel to invest $6 billion to build state of the art chip manufacturing plant in IsraelBy Mason White 2:50 PM September 23, 2014
By: Sanvi Rizvi
(Scroll down for video) Intel has announced that it will invest $6 billion to build a state of the art chip manufacturing plant in Israel.
The Israel Economy and Finance ministries approved the plan, in what would be the largest investment by a foreign company in the country.
Intel will receive a government grant of $300 million, and will pay a corporate tax rate of just 5% for 10 years, the ministry said.
The U.S. chip giant plans to hire 1,000 additional workers at the plant located in Kiryat Gat. 2,500 people already work at the facility.
“Intel’s investment is a strategic asset to Israel,” Finance Minister Yair Lapid said in a statement. “This is the largest investment by a foreign company ever in Israel, and is further evidence that Israel is at the forefront of technology and innovation,” he added.
Intel said that the plant will produce the most advanced chips in the world.
Intel has invested a total of $10.8 billion in plants and development centers, and received $1.5 billion in grants. It employs about 10,000 people in Israel.