Intel announced Wednesday that it plans to invest $6 billion to upgrade its Kiryat Gat facility, that will result in creating thousands of jobs in Israel in the coming years.
Details on the plan were not immediately available, as Intel has yet to decide on the type of technology it would be installing in the plant. But it was expected to make a decision this year whether it would build a plant to produce its next generation of chips in Israel or in Ireland, where it built its most recent such plant.
Prime Minister Binyamin Netanyahu said the government has been working with Intel for several years to encourage the investment:
“Israel is a focal point of global technology, and investing in it generates profits both to the investors and the citizens of Israel,” he said.
For its part, Israel has agreed to cover 5 to 10 percent of the costs of renovation, amounting to between $300 million and $600 million.