For Intel, Israel is an important country given that it develops some of its key technologies .
In a significant development, Israel’s Finance Committee has informed the country’s parliament that it has approved a grant of $185 million (700 million shekel) to Intel Corp in return for a planned $5 billion expansion of its production operations in Israel.
Intel is one of the biggest employers in Israel, a country where many of its top technologies are developed.
Earlier this year, the Committee submitted plans to upgrade the Kiryat Gat manufacturing plant in southern Israel.
As per a statement from the committee, Israel’s parliament has approved tje grant to the company.
The Finance Commitee went on to note, that along with the $5 billion investment, the Israeli government expects Intel to hire 250 new employees and spend 2.1 billion shekels for local purchases.
According to Israel’s Economy Minister, Intel could decide to expand its operations in the country even further in 2019.
“Intel will make, in my estimation, another significant investment in the coming year,” said Eli Cohen, Israel’s Economy Minister, at a business conference in Jerusalem.
($1 = 3.7756 shekels)