Intel Israel exports doubled in 2012 to $4.6b

Intel Israel president Mooly Eden: Were it not for Intel, Israel's high-tech exports would have fallen by 10% last year.

Exports by Intel Israel Ltd. more than doubled to $4.6 billion in 2012 from $2.2 billion in 2011, it announced at its annual press conference today. The company's workforce rose by 10% during last year, or 760 employees to 8,500. Indirect employees totaled 25,500. Reciprocal procurements in Israel totaled $737 million in 2012, and Intel Corporation (Nasdaq: INTC) invested $1.1 billion in its Israeli operations.

Intel Israel says that Intel Corporation has invested $10.5 billion in Israel over the past decade, and received $1.3 billion in Israeli government grants.

Between the lines of Intel Israel president Mooly Eden's remarks was the message that it is very worthwhile for Intel's next fab to be built in Israel. He says that Israel's high-tech economy rests on four pillars: defense industries, start-ups, large domestic companies, and multinationals. "I do not think that there is any large Israeli company which can invest billions in R&D, which is why a balance is needed between these four segments," he said.

Eden said that he was pleased to show a slide which states that Intel Israel accounts for a tenth of Israel's total industrial exports. "You can now say, 'Wow', when Aviad (Intel Israel CFO Aviad Avni) showed numbers, which we say are fantastic. Were it not for Intel's improved performance last year, Israel's high-tech exports would have fallen by 10%, which is a warning light for me," he said. He added that Intel Israel was responsible for a third of Israel's exports to China.

Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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