US computer hardware company Intel has committed to building a 40-billion-shekel (€10.3 billion) manufacturing facility in Israel.
The investment is said to be the largest of its kind in the country’s history with Moshe Kahlon, Israel’s Finance Minister, stating, “It’s an enormous sum, unprecedented in Israel”.
In the country’s bid to win the investment, around 9% of the development costs will be provided by the Israeli government – a pledge of just under one billion euros.
Intel already employs over 11,000 people in Israel, but this new development is expected to create at least another 1,000 jobs.
The company is currently the second largest processing chip manufacturer in the world, surpassed only by Korean firm Samsung.
Intel are keen on expansion and in its bid to be the dominant force in the processing world have confirmed they will invest in future expansion of its new facility.
The manufacturer has also recently agreed to invest more into its Irish site after recently announcing a €3.6 billion development in Leixlip.
Competition appears strong though, with reports surfacing that Samsung is looking to invest around US$116 billion (€103.7 billion) into its own manufacturing and create around 15,000 jobs in the next decade.
Though many details have not yet been revealed, its is expected that the Korean tech giant will split its investment two ways; with US$64 billion (€57.6 billion) being invested into research and development and US$69 billion (€61.73 billion) allocated for the creation of manufacturing facilities.