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JERUSALEM (Reuters) – Chipmaker Intel Corp plans to invest $5 billion to expand production at its Kiryat Gat plant in Israel in the next three years, Israeli Economy Minister Eli Cohen said on Wednesday.

Cohen and other ministry officials earlier in the day met with Intel executives.

He said Intel would start expanding its plant in Israel this year and the investment would be completed by 2020.

A spokesman for Intel in Israel declined to comment.

Reporting by Steven Scheer; Editing by Tova Cohen