A consortium of US manufacturers and Israeli companies has agreed to invest $2 billion in a new $2-billion manufacturing facility in Israel, in what the government says will create up to 1,500 jobs.
The deal, announced by Israeli Prime Minister Benjamin Netanyahu on Thursday, was announced during a meeting between Israeli President Reuven Rivlin and US President Donald Trump at the White House.
“Today, the United States and Israel reached an agreement to invest more than $2bn in the construction of a new facility in the United Kingdom, where the companies will create 1,000 new manufacturing jobs, and invest $3bn in Israel,” Netanyahu said.
The Israeli investment is the first such deal to be announced by a single foreign country.
The $2 million investment will support the construction and operation of the REMDESivir plant, which is part of a $30 billion deal to create a $15-billion global manufacturing powerhouse.
Israel’s President Reunions Rivlin (R) and US First Lady Melania Trump, left, greet Israeli President Donald J. Trump after they signed the US$2.3 billion investment agreement at the Israel-US Institute for Advanced Manufacturing (IISIM) in the Whitehouse, September 18, 2021.
ReutersThe deal was announced after a three-day summit between Trump and Rivlin at the IISIM, a high-tech innovation hub in the West Wing of the WhiteHouse.
The two leaders discussed ways to strengthen ties, such as working together on research and technology, to expand trade, improve the economy and tackle the issue of climate change, according to a White House statement.
The President said he was pleased to announce the $2,500-per-hour investment in the new REMDESi plant, the first time a foreign country has committed to invest in Israel’s manufacturing sector.
The White House said it also would invest $1.2bn to help rebuild American manufacturing, including $1bn in research and development, $1 billion in infrastructure investments and $2b in technology transfer.
The new plant is expected to employ as many as 2,500 people, the White house said.
Netanyahu said the deal would allow the Israeli economy to expand and create new jobs for Israeli citizens, who are particularly vulnerable to the effects of climate-change, he said.
“The United States is an important partner in the region and the world.
It is a major exporter of technology and it provides critical jobs and economic development to millions of Americans,” he said in a statement.”
In order to create and sustain a thriving American manufacturing sector, the two countries must develop an industry that produces jobs and benefits American workers and communities.
This agreement will help achieve this goal.”