Intel will spend $25 billion to build a new factory in Israel

CTOnews.com, June 18 (Xinhua)-- Israeli Prime Minister Benjamin Netanyahu announced on Sunday that Intel will spend $25 billion to build a new factory in Israel, the largest international investment in Israel's history.

The Israeli finance ministry said the plant, located in Kilitgat, is expected to start production in 2027, will operate until at least 2035 and will employ thousands of people. Under the agreement, Intel will pay a tax rate of 7.5%, up from the current 5%.

According to reports, Intel has been operating in Israel for nearly 50 years and has become one of the largest private employers and exporters in the country, as well as a leader in the local electronics and information industry.

In Pexels2017, Intel bought Israel's Mobileye, which develops and deploys advanced driving assistance systems, for $15 billion (currently about 106.95 billion yuan) and went public last year.

Netanyahu said it was "a huge achievement in the Israeli economy-worth 90 billion NIS-the largest investment by an international company in Israel."

Intel said in a statement that its business in Israel "played a key role in the company's global success."

"our plan to expand Israel's manufacturing capacity is driven by our commitment to meet future manufacturing needs. We thank the Israeli government for its continued support."