Photo Credit: Courtesy: Intel
Drone swarm light up the Intel logo

Intel has announced it will invest NIS 40 billion (approximately $11 billion) in its Israel enterprises and will open another plant in the southern city of Kiryat Gat. Yesterday, JewishPress.com reported that Intel was seriously considering the investment, but was also considering Ireland as another possible option.

According to Israel’s Minister of Economy Eli Cohen, this is the largest-ever foreign investment in Israel.

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“History for the Israeli Economy! The largest investment in Israel is underway,” Cohen tweeted Tuesday.

Intel CEO Israel Yaniv Gertie undated him on the technology giant’s decision to “build the most advanced enterprise in Israel. Holiday for Israel!” he said.

“We have been working on this for a year and here are the results: Intel’s global management has informed us this evening about their decision to invest another NIS 40 billion in Israel. This unprecedented decision will bring thousands of jobs to the south. This is massive news for everybody who cares about Israel, the Israeli economy and Israel’s citizens,” Minister of Finance Moshe Kahlon tweeted.

Intel Israel’s spokesman Guy Grimland told IDF Radio that they worked hard to obtain the deal, and while many other countries were under consideration for Intel’s investment, Israel won the bid.

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TPS - The Tazpit News Agency provides news from Israel.