Intel today submitted a business plan for expanding its fab in Kiryat Gat to the Ministry of Economy and Industry as part of the company's preparations for meeting its future needs.
The company has not yet published the timetable for its new plan, the amount of its planned investment, or the technology that will be installed in its expanded fab. The investment is believed to be about $5 billion. The US chip giant is likely to ask the Israel Investment Promotion Center for grants and benefits under the Law for the Encouragement of Capital Investments. The state has already given Intel billions of shekels in grants in exchange for its investments in Israel.
Intel Israel general manager Yaniv Garty today notified Minister of Economy and Industry Eli Cohen of Intel's decision. The plan was devised in recent months by joint teams of the Ministry of Economy and Industry, the Ministry of Finance, and Intel Israel. "Intel's decision to continue making significant investments in Israel is an important vote of confidence in Israel and its economy," Cohen said.
Intel Israel, Israel's leading high-tech exporter, accounted for $3.6 billion in exports in 2017, 8% of all Israeli high-tech exports.
Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2018
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