Israeli Finance Minister Moshe Kahlon said the global technology company Intel has decided to invest about $ 11 billion to expand its operations in Israel.
The Israeli Broadcasting Corporation (official) quoted the Israeli minister describing this investment as “without precedent”.
"The new plant will produce chips used in the manufacture of smart phones," the broadcasting company said.
"The giant investment company in Israel preferred to set up the new factory in Ireland or Singapore."
The Israeli minister said today that Intel will receive a grant of about one billion dollars from the Israeli government for its planned investment to expand its activity in the country.
The company currently employs 11,700 employees in Israel, through its previous investment of $ 5 billion.
For his part, Israeli Economy Minister Eli Cohen said that "there are 320 foreign companies active in Israel now, and they contribute to growth, export and the labor market."
The chip maker said it would not disclose any details, including schedule, costs and new project techniques.
Intel is one of the largest employers and exporters in Israel, where many of the company's new technologies are being developed.
Intel's exports to Israel rose to $ 3.6 billion in 2017 from 3.3 billion in 2016.
Intel has invested $ 17 billion in Israel since 1974, and bought the Israeli mobile phone company “Mobile Eye” in 2017 for $ 15.3 billion.
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