Intel has begun negotiations with the Israeli government regarding its plans to invest $10bn in the country.
The US chipmaker will invest about $3bn to revamp the existing Fab 28 factory in the southern town of Kiryat Gat, while the remaining $7bn would be spent on a new factory in the town over the course of next decade.
Israel Economy Ministry Investment Centre director, Nahum Itzkovich, was quoted by Reuters as saying that Intel is talking with the agency about a huge investment of $10bn.
"We are engaged in intensive negotiations with Intel," Itzkovich said. "Contrary to Intel’s previous investment, we are trying this time to create a long-term process in which each side will commit for at least 10 years."
Over the past ten years, Intel invested about $10.5bn in Israel, including $1.1bn in 2012, while has also received $1.3bn in grants from governments.
In May 2012, Intel revealed plans to invest $40m over the following five years into global network of university research centres, including the Intel Collaborative Research Institutes (ICRI) for Computational Intelligence in Israel.
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