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Netanyahu: Intel to Build $25 Bln Factory in Largest Foreign Investment in Israel

Israeli Prime Minister Benjamin Netanyahu chairs a cabinet meeting at the prime minister's office in Jerusalem, Sunday, June 18, 2023. (AP Photo/Ohad Zwigenberg, Pool)
Israeli Prime Minister Benjamin Netanyahu chairs a cabinet meeting at the prime minister's office in Jerusalem, Sunday, June 18, 2023. (AP Photo/Ohad Zwigenberg, Pool)
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Netanyahu: Intel to Build $25 Bln Factory in Largest Foreign Investment in Israel

Israeli Prime Minister Benjamin Netanyahu chairs a cabinet meeting at the prime minister's office in Jerusalem, Sunday, June 18, 2023. (AP Photo/Ohad Zwigenberg, Pool)
Israeli Prime Minister Benjamin Netanyahu chairs a cabinet meeting at the prime minister's office in Jerusalem, Sunday, June 18, 2023. (AP Photo/Ohad Zwigenberg, Pool)

Intel Corp will build a new factory in Israel worth $25 billion, Prime Minister Benjamin Netanyahu said on Sunday, calling it the largest-ever international investment in the country.

The factory in Kiryat Gat is due to open in 2027 and will employ thousands of people, Israel's Finance Ministry said, adding that under the deal Intel will pay up a 7.5% tax rate, up from the current 5%.

There was no immediate comment from Intel in Israel.

Netanyahu also said Sunday his government intends to move ahead on contentious plans to change the country's judicial system after talks aimed at finding a compromise solution appeared to be crumbling.

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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.