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Intel To Invest $10 Billion in Israel

Intel in talks with the Israeli government to create a factory in the southern region of Israel.

By: Ashley Peters
Published: July 3rd, 2013 in Business » Israel

The world’s most-renowned computer chip producer, Intel Corp., is currently engaged in talks with the Israeli government regarding a possible $10-billion (U.S.) investment in Israel, a senior government administrator informed the Tel Aviv-based Yedioth Ahronoth newspaper on Tuesday.

“Intel is talking with us about a huge investment of $10-billion," said Nahum Itzkovich, the incumbent director of the Economy Ministry’s Investment Centre, commented during his first interview in office. "We are engaged in intensive negotiations with Intel.”

The negotiations involve the financing of $3-billion to improve a factory in the town of Kiryat Gat, and an additional $7-billion to invest in a new factory in the town over the course of the next 10 years, according to Itzkovich.

The government has since set up a top Israeli brokering team which includes Economy Minister Naftali Bennett.

Mobilizing Israel’s high-profile negotiators is imperative, says Itzkovich. If Intel fails to build a factory, the country could find itself irrelevant to Intel.

“We are talking about a manufacturing facility that has incredible impact on the Israeli economy,” he said. “Contrary to Intel’s previous investment, we are trying this time to create a long-term process in which each side will commit for at least 10 years."

In the past decade, Intel has invested $10.5-billion in Israel, including $1.1-billion in 2012, and has acquired $1.3-billion in government subsidies.

A spokesman for Intel has declined to comment on the report.

Related articles: Intel, Intel Israel, Government, Investment, Hightech, Israel Offices
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