Intel has announced it will increase its investment in the construction of a new chip factory in Kiryat Gat by $15 billion.
The company is expected to invest a total of $25 billion in the project, according to the announcement.
In addition, Intel has committed to purchasing $16.6 billion (NIS 60 billion) in goods and services from Israeli suppliers over the next decade.
Moreover, the establishment of the new plant will mean thousands of new jobs for Israelis in the south.
The Israeli government is also investing: Intel will receive a $3.2 billion grant for the new plant.
The company said the project is an “important part of Intel’s efforts to foster a more resilient global supply chain, alongside the company’s ongoing and planned manufacturing investments in Europe and the United States.”
The new plant is projected to open in 2027, and operate at least through 2035.
Intel operates four development and production facilities in the Jewish State, employing close to 12,000 people across the country.
