Intel Corporation, the semiconductor giant whose first design and development center outside the U.S was launched in Israel 40 years ago, will carry out this investment to upgrade its Kiryat Gat facility. The development is expected to generate thousands of new jobs there in coming years, in addition to approximately 10K workers currently employed by them, as reported in Financials Trend.

The company said it would be upgrading its Israeli manufacturing chip facility, implying at possible development of 10nm chips there.

This upgrade would enable the manufacturing unit at Israel to develop 10nm chips. The chips are expected to be included in the new wearable technology, IoT (Internet of Things), and perceptual computing devices.   “The “upgraded facility” will be the world’s most advanced chip manufacturing facility”, says minister of Economy Naftali Bennett”.

The Jerusalem Post reported Prime Minister Binyamin Netanyahu said the government has been working with Intel for several years to attract the investment, and praised Intel as an example for other multinational firms.

“Israel is a focal point of global technology, and investing in it generates profits both to the investors and the citizens of Israel,” he said.

Finance Minister Yair Lapid estimated that the investment would create thousands of jobs directly, and tens of thousands of jobs around them for various suppliers.

“This is a vote of confidence in the Israeli economy,” he said.

For the full Financials Trend article click here.

For the full Jerusalem Post article click here.