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Home > Industry News

Intel to get Israel's $3.2 billion grant for chip factory construction

Views : 37
Update time : 2024-01-03 09:45:47
        The Israeli government agreed on Dec. 26 to allocate $3.2 billion to Intel for the construction of a $25 billion chip factory in southern Israel. Despite the ongoing conflict between Israel and the Palestinian Hamas, Intel said the expansion plan for the Kiryat Gat factory in Israel is "an important part of Intel's efforts to promote a more resilient global supply chain," as well as an important part of the company's ongoing manufacturing investments in Europe and the United States.
 
 
        The $3.2 billion subsidy from the Israeli government accounts for 12.8% of the total investment in the chip plant, in addition to Intel's commitment to buy goods and services worth 60 billion shekels ($16.6 billion) from Israeli suppliers over the next decade, and the new plant is expected to create thousands of jobs. 
        It is reported that Intel began investing in Israel as early as 1974, and currently has four research and development bases and production bases in Israel, including a chip factory in Kiryat Gat. Intel's current workforce in Israel totals nearly 12,000 employees. 
        In June 2023, Israeli Prime Minister Benjamin Netanyahu said that Intel would build a new $25 billion chip factory in Israel, but Intel has not formally recognized this investment until today. However, Intel has said that construction work on the expanded factory has already begun, including the construction of clean rooms and ancillary buildings, most of which, including piled foundations and the pouring of the first floor, have already been completed.
 
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