JERUSALEM, Dec. 26 (Xinhua) -- Israel has approved the U.S. computer chip giant Intel's plan to establish a factory with an investment of 25 billion U.S. dollars, said a joint statement issued by Israel's finance and economy ministries and Israel Tax Authority (ITA) on Tuesday.
This is the largest investment by a foreign company in Israel, under which Intel will complete building the plant in the southern city of Kiryat Gat by 2028.
The investment could bring big economic benefits to Israel, including the hiring of thousands of high-wage workers in the plant, according to the statement.
According to Israeli law to encourage capital investments, the company will receive a grant of 12.8 percent of the investment amount, equivalent to 3.2 billion dollars.
Intel, which has been operating in Israel since the 1970s, employs about 12,000 workers in the country at three development centers and a manufacturing facility. ■
