US chip giant Intel to pump US$6 bil. into Israeli factory upgrades: minister
May 2, 2014, 12:21 am TWN
JERUSALEM--U.S. computer chip giant Intel is to invest close to US$6 billion in upgrading its Israeli production facilities, Israeli Economy Minister Naftali Bennett said on Thursday.
"Intel chose to set up its most advanced production line in Israel in the face of tough competition," Bennett told public radio.
"It's an investment of billions of shekels ... in Israeli hi-tech," he added.
Facebook comments by Bennett, which were reposted by Intel Israel on its website, put the figure at 20 billion shekels (US$5.8 billion).
"Twenty billion shekels will be invested in Israel, one of the biggest — if not the biggest — investments in the country's history," he wrote, saying the plant would become the "most advanced" in the world.