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1921250
56 September 25 • 2014
I Times of Israel
I
A Taste of
TURNING MOMENTS iNTO
Intel to invest $6 billion in Israel.
David Shamah
1893430
The 10th Annual
Thousands ^ s Jobs
ntel appears set to produce its next
generation of chips in Israel with
the largest-ever foreign investment
in Israeli tech.
Under a deal announced by the
Finance Ministry Sept. 22, Intel will
spend $6 billion to upgrade its Kiryat
Gat plant to enable production of next-
generation computer chips.
In return, Intel will get grants of
up to $600 million over the next five
years, as well as a major tax break
through 2023.
For Israel, it's worth the expense,
said Finance Minister Yair Lapid.
"Intel's investment is a strategic asset
for Israel:' he said, adding that it "pro-
vides additional proof of Israel's capa-
bilities in high-tech and innovation:'
The announcement signals the end
of the drama that has surrounded
Intel's manufacturing plans over the
past several years, as the company
considered where to build a new plant
to produce advanced 10 nanometer
chips. The chips will power wearable
technology and perceptual computing
devices, which Intel believes will be a
major growth area for the company in
the coming years.
Intel was said to be considering
building the plant in either Israel or
Ireland.
In April, Intel announced that it
had filed a plan with the government
to upgrade the Kiryat Gat plant but
did not specify what the upgrade
would include. Based on Monday's
announcement, industry insiders said
that Kiryat Gat was "almost definitely"
going to be the site for development
and manufacturing of the new chips.
Under the deal, Intel will get a $300
million grant, with distribution to be
spread over five budget years. More
valuable for Intel is likely to be the fact
that it will pay a corporate tax of only
5 percent through 2023, though the
standard rate of company tax in Israel
in 2014 was 26.5 percent. In return,
Intel committed to hiring at least
1,000 new employees, at least half of
whom will be residents of communi-
ties in southern Israel. In addition, the
company promised to spend a total of
at least $550 million over the period,
along with an additional NIS 400 mil-
lion each year on local purchases.
While critics might complain that
the government is giving too much
away, Intel International Senior Vice-
President and CEO of Intel Israel
Mooly Eden said that such deals are
common today.
"The government here, like govern-
ments everywhere, knows how the
game is played:' and the jobs that are
generated by investments in develop-
ment centers are well worth it for
Israel — especially when it comes to
Intel, Eden said in a recent interview.
"Over the years, Intel has invested
$10.8 billion in Israel. Last year, Intel
Israel was responsible for more than 9
percent of Israel's tech exports, which
account for half of overall exports,
except for diamonds:'
With Monday's announcement, that
investment figure is set to jump some
60 percent — further cementing the
relationship between Intel and Israel, a
company spokesperson said.
Intel already employs some 10,000
workers in Israel directly and, accord-
ing to the company, it's responsible
for a "multiplier effect" in hiring, with
more than 30,000 Israelis working at
companies that provide products and
services to Intel.
Lapid said that the new deal will
expand that multiplier effect. "The
plant upgrade will generate 1,000 new
jobs, mostly for residents of the south,
along with many thousands of sup-
porting jobs. We will continue to work
towards the creation of new employ-
ment opportunities and investments. ❑