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Intel Pumps $25 Billion into New Israeli Tech Hub

In a major development, Intel, a global tech giant, and Israeli authorities have joined forces to build a groundbreaking manufacturing facility in Kiryat Gat, Israel.

Editor Ritam English by Editor Ritam English
Dec 27, 2023, 03:10 pm IST
Intel Pumps $25 Billion into New Israeli Tech Hub
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In a major development, Intel, a global tech giant, and Israeli authorities have joined forces to build a groundbreaking manufacturing facility in Kiryat Gat, Israel. The whopping USD 25 billion investment marks a significant milestone, as expressed by Finance Minister Betzalel Smotrich. This move is seen as a powerful vote of confidence in Israel and its economy, especially during challenging times described as a “war against absolute evil”.

Intel, a leading American multinational corporation renowned for semiconductor chip manufacturing, already operates a factory in Kiryat Gat, specializing in advanced semiconductor chip production. The new facility, set to commence operations in 2028, is poised to become a key player in the semiconductor industry, with Intel committed to its operation until at least 2035.

The agreement outlines a partnership between Israel and Intel, with the former providing a substantial USD 3.2 billion grant spread over several years. In return, Intel commits to employing thousands of high-tech workers from Israel, fostering job growth in the technology sector. Additionally, the corporation pledges to engage in business with Israeli companies and contractors, thereby contributing to the local economy.

Intel’s history in Israel dates back to the 1970s when the company established its initial development center in Haifa. Over the years, Intel has expanded its presence in the country, with multiple research and development facilities in Haifa, Jerusalem, and Petah Tikvah. These centers play a crucial role in advancing technology across various domains, including processors, chipsets, communication technologies, and software.

Overall, the collaboration between Intel and Israel signifies a monumental investment in the future of technology and economic growth for the region. The partnership not only underscores Intel’s confidence in the State of Israel but also positions the country as a hub for cutting-edge advancements in semiconductor technology.

Tags: Israeli ambassadorIntelKiryat GatIntel and IsraelFinance Minister Betzalel SmotrichIsraeli Air ForceIsraeli Defense Forces
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