It is already the biggest chip maker in the world, but it looks like the company will be expanding further over the next couple of years. This week, Israel’s finance ministry lifted the curtain on Intel’s plan for a $5 billion expansion to production operations. While Intel is a US-based company, it runs a good chunk of its development and production through locations in Israel.
Currently, Intel is one of the biggest employers and exporters for the country, and as Reuters reports that side of things will be growing thanks to a $5 billion plan to upgrade the Kiryat Gat manufacturing location over the next two years.
The investment is supposed to pave the way for future investments in Intel’s Israel campuses. In return, Intel will be given an extension on its reduced tax rate in the country until 2027.
This all comes after Intel’s successful 2017 financial year, which saw $3.6 billion worth of goods and services exported from Israel.
