The Investment Promotion Center approved grants for Intel Corporation (Nasdaq: INTC) and Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM), at its last meeting of 2010.
Intel will receive a NIS 741 million grant, as part of its $2.7 billion investment in Fab 28 in Kiryat Gat. Intel Israel promised to employ 3,100 persons at the upgraded fab and boost R&D investment. The company also promised to make a "best effort" of more than NIS 1 billion in reciprocal procurements.
TowerJazz will receive a grant of NIS 150 million as part of its $420 million investment to expand its Fab 2 in Migdal Ha'Emek. The company promised to employ 1,430 persons at the fab, including Israeli Arabs.
Minister of Industry, Trade and Labor Benjamin Ben-Eliezer said, "These are two huge investments with strategic importance for Israel. We cannot take for granted in an era of global competitiveness that companies will choose to invest in Israel, and I am sure that this decision will have a very positive effect on the south, in the case of Intel, and on the north, in the case of Tower." He added that the ministry would continue to encourage the establishment of R&D centers in the periphery and national priority areas.
Published by Globes [online], Israel business news - www.globes-online.com - on January 2, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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