Israel approves Intel’s $6 b investment in chip plant
Wednesday, 24 September 2014 00:00
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Reuters: Israel’s Finance and Economy Ministries on Monday approved a plan by Intel Corp to invest $ 6 billion in the upgrade of its chip manufacturing plant in the southern town of Kiryat Gat.
Intel will receive a Government grant of $ 300 million over five years and will be eligible to pay a corporate tax rate of only 5% for a 10-year period, the Finance Ministry said.
The US chip giant plans to hire close to 1,000 more workers at the plant by 2023, in addition to the 2,500 that already work there.
