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September 22, 2014 2:33 pm
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Israel Approves Intel Plan to Invest $6 Billion in Jewish State

avatar by JNS.org

Intel headquarters in Santa Clara, Calif. Photo: Wikimedia Commons.

JNS.org – The Israeli finance and economy ministries on Monday approved a plan by Intel to invest $6 billion in upgrading its chip-manufacturing plant in Israel, marking the largest-ever single international investment in the Jewish state.

“Intel’s investment is a strategic asset for Israel’s industry,” Finance Minister Yair Lapid said, Reuters reported. “This is the biggest investment by a foreign company ever in Israel and is further proof that Israel is at the forefront of technology and innovation.”

According to the investment plan, the U.S.-based chip maker plans to hire nearly 1,000 more workers at its plant in Kiryat Gat. Intel will also receive a $300 million grant from the Israeli government and a corporate tax rate of 5 percent for 10 years.

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While Intel has not yet made an announcement on the plan, the Israeli finance ministry believes the investment by Intel will be used to manufacture its new advanced 10-nanometer chips.

Intel has been operating in Israel for nearly four decades, investing more than $10.8 billion there and employing 10,000 people.

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