Finance Minister Moshe Kahlon affirms the global tech giant Intel will receive a $1 billion government grant to offset its investment of $11 billion in expanding its manufacturing facilities in the country, including a manufacturing plant in Kiryat Gat.
Intel says it will soon publicize a plan “for continued investment in the company’s Kiryat Gat manufacturing site,” Reuters reports, which is slated to some 1,000 new workers to the 13,000-strong Intel workforce in the country.
In an interview with Army Radio, Kahlon justifies the grant, saying, “The moment the company comes to Israel and invests $10 billion, and it receives a grant of 9 percent, that means 91% of it stays here. There are always such discounts, there are always incentives.”
Reuters notes the grant is added to a NIS 700 million grant for another round of investment by Intel in its Israeli operations valued at some $5 billion.
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From the Liveblog of
Tuesday, January 29, 2019
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