Fri, 23 Feb 2024
( 13 Shaban 1445 )
Fri, 23 Feb 2024

UR

Tech giant Intel invests $25bn in Southern Israel when Gaza is razed

30 December, 2023 17:04

Despite unprecedented bombardment on Gaza and boycotting Israel voices have geard up, world’s top technology company Intel decided to invest whopping $25 bn in Southern Israel’s chip plant.

The intel corporation is to expand its Kiryat Gat plant that is 42 km (26 miles) from Hamas-controlled Gaza is an “important part of Intel’s efforts to foster a more resilient global supply chain, alongside the company’s ongoing and planned manufacturing investments in Europe and the United States,” Intel said in a statement.

Israel’s government has agreed to give Intel Corp a $3.2bn grant, Intel vice president Daniel Benatar said, “Support from the Israel government will … ensure that Israel remains a global center of semiconductor technology and talent”.

“This investment, at a time when Israel wages war against utter wickedness, a war in which good must defeat evil, is an investment in the right and righteous values that spell progress for humanity,” Israeli Finance Minister and far-right politician Bezalel Smotrich said.

Intel co. also committed to buying 60 billion shekels ($16.6bn) worth of goods and services from Israeli suppliers over the next decade, while the new facility is expected to create several thousand jobs.

The Fab 38 chip plant in southern Israel is expected to open in 2028 and operate through 2035.The plant is expected to contribute significantly to Israel’s semiconductor landscape.

Intel is a leading American brand and manufacturer of semiconductor computer circuits. The company’s name comes from “integrated electronics”.

 

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