Global tech giant Intel will establish a new factory in Israel in the city of Kiryat Gat with a huge investment of about 25 billion dollars.
Finance Minister Bezalel Smotritz and Budget Commissioner Yogev Gardos informed Prime Minister Binyamin Netanyahu and Economy Minister Nir Barkat of the new factory today (Sunday).
The two were informed that the lengthy negotiations conducted between the Intel company and the professionals in the Budget Division of the Finance Ministry have been successfully concluded and agreements in principle have been reached regarding the company's intention to invest approximately 25 billion dollars in the establishment of the new factory in Kiryat Gat.
As part of the investment, the company is expected to employ thousands of additional workers in Kiryat Gat at wages higher than the average in the manufacturing industry. In addition, it was agreed to significantly increase the tax rate that the company will pay to the state from the current 5% to 7.5%. As part of its commitments, Intel is expected to finish the investment and begin operating the plant by 2027 and continue to operate it until at least 2035.... Read More: Arutz-7