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Israel Plans To Assist Intel With A Grant Of 700 Mn Shekels For Its Expansion

Intel Corporation is all set to receive a huge grant of 700Mn shekels from the government of Israel as the company has its own plans for the expansion in the territory of Israel. It has been reported that the Chips giant is planning out the expansion of the operations into the country which would involve a cost of $5Bn. Intel tops the list of largest employers in the country and is also the largest exporter. Intel carries out a large number of its research and development activities in Israel.

The company had announced the expansion of its manufacturing facility in Kiryat Gat and had submitted a plan regarding the same to the local authorities of Southern Israel. In a reciprocating move, the government has decided to give some assistance as a grant for the expansion of the company. It has been reported that, Finance committee of the parliament of Israel has already approved a grant of 700Mn Shekels. It is obvious that the government has its own expectations in exchange in terms of employment generation and added business. Along with an investment of $5Bn, the company will also be recruiting additional 250 employees and will also be doing local purchases worth 2.1Bn.

The economy minister of Israel has said that, Intel may think of expanding the operations across the country till the end of the year 2019. The Chip manufacturer has been a major source of business activities for the country owing to which the grant has been provided for the betterment of mutual relationship between the two. In a statement issued at the Business Conference held in Jerusalem, Eli Cohen who is the Economy minister of the country, has said that the company is expected to make another major investment in the year 2019.

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