Intel to invest $25bn in Israel factory in record deal, says Netanyahu
18 June 2023; MEMO: US chipmaker Intel Corp INTC.O will spend $25 billion on a new factory in Israel, Prime Minister Benjamin Netanyahu said on Sunday, calling it the largest-ever international investment in the country, reports Reuters.
The factory in Kiryat Gat is due to open in 2027, to operate through 2035 at least and to employ thousands of people, Israel's Finance Ministry said. Under the deal Intel will pay a 7.5% tax rate, up from the current 5%, the ministry added.