Intel Corp, the US chipmaker, has announced plans to invest $25 billion in a new factory in Israel, marking the largest-ever international investment in the country, according to Prime Minister Benjamin Netanyahu.
The factory, set to be located in Kiryat Gat, is scheduled to commence operations in 2027 and run until at least 2035.
It is expected to create employment opportunities for thousands of people, as confirmed by Israel's Finance Ministry.
As part of the agreement, Intel will pay a tax rate of 7.5 per cent, an increase from the current 5 per cent, as outlined by the ministry.
Having been operational in Israel for nearly five decades, Intel has established itself as the country's largest privately held employer and exporter, making it a key player in the local electronics and information industry, as stated on the company's website.
In 2017, Intel acquired Israel-based Mobileye Global Inc, a company specialising in advanced driver-assistance systems, for $15 billion. Last year, Intel made Mobileye public.
During a televised address to his cabinet, Prime Minister Netanyahu hailed the deal as a significant achievement for the Israeli economy, with an investment totaling 90 billion shekels ($25 billion). He described it as the largest investment ever made by an international company in Israel.
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