Intel will invest in it's plant in Israel $ 5 billion by 2020

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by Ifi Reporter Category:Government Feb 21, 2018

 Intel will invest 5 billion $ in it's plant in Kiriat Gat. In a meeting held at the Ministry of Economy with the participation of Industry and Trade Minister Eli Cohen, Director General Shai Rinsky, Investment Authority Director Nahum Itzkovich and Chief Scientist Ami Appelbaum and representatives of Intel, CEO Yaniv Garti and plant manager Danny Ben Attar, The company intends to expand the production activity at its plant in Kiryat Gat, already during the current year, with an investment of $ 5 billion, which will be completed by 2020.
Following the meeting, and in light of the company's official request, which is expected to be received during the day, the CEO's committee is expected to convene in the coming month to approve in principle the outline proposed by the company, after which a detailed plan will be submitted to the Investment Authority in the Ministry of Economy , Under the Encouragement of Capital Investments Law, for individual examination.
It should be emphasized that according to Intel reports, the volume of the Company's exports increased during 2017 following the previous investment of $ 6 billion, and they are expected to continue to grow in 2018 against the background of continued investment.
Minister of Economy and Industry, Eli Cohen: "Intel's choice to continue to invest significantly in Israel is an important expression of confidence in the State of Israel and in the Israeli economy. We see Intel as a partner and its renewed choice to invest in Israel reinforces the economy and employment in Israel and we expect this cooperation to continue in the future as well. More than 320 foreign companies operate in Israel and make a significant contribution to growth, innovation, export and employment.

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