US Intel to Invest 32 Trillion Won in Israel "Building New Factory"

American semiconductor company Intel is investing $25 billion (approximately 32.5 trillion KRW) to build a new factory in Israel, which is currently at war with the Palestinian armed group Hamas.

[Image source=Yonhap News]

According to local media on the 26th (local time), the Israeli Ministry of Finance, Ministry of Economy, and Tax Authority jointly announced that they have signed an investment agreement with Intel based on this plan. Bezalel Smotrich, Israel's Minister of Finance, stated, "It is very significant that the global company Intel has approved an unprecedentedly large-scale investment in Israel," adding, "At a time when Israel is at war with absolute evil, this investment signifies trust in Israel and the Israeli economy."

According to the statement, Intel plans to build a new factory in the central Kiryat Gat area, aiming to start operations by 2028, and will employ thousands of local residents. On the 6th, Israeli Prime Minister Benjamin Netanyahu first announced Intel's investment news, emphasizing that it is the largest foreign investment in history.

Intel has invested in Israel for nearly 50 years. It is the company with the largest employment scale and the biggest exporter in the country. Additionally, in 2017, Intel acquired 'Mobileye Global,' an Israeli autonomous driving support system developer, for $15 billion (approximately 19 trillion KRW).