Intel, the world’s top computer chip manufacturer, is in talks with the Israeli government about a $10-billion (U.S.) investment in Israel, a senior government official told the Hebrew-language Yedioth Ahronoth newspaper on Tuesday.

“Intel is talking with us about a huge investment of $10-billion,” Nahum Itzkovich, the new director of the Economy Ministry’s Investment Centre, said in his first interview since assuming office. “We are engaged in intensive negotiations with Intel.”

Under discussion is an investment of $3-billion to upgrade a factory in the town of Kiryat Gat, and another $7-billion to invest in a new factory in the town over the course of 10 years, he said.

The government has set up a high-profile negotiating team that includes Economy Minister Naftali Bennett.

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“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,” Itzkovich said.

According to its website, Intel contributed more than $4.1 billion to the development of Israel’s economy over the last 5 years alone.