Stressing the importance of bringing innovation to Israel's periphery, Economy Minister Eli Cohen announced a future hi-tech park to be established in Upper Nazareth's Tsiporit Industrial Zone on Tuesday. Cohen visited the site, which will be receiving a NIS 17 million investment from the ministry, alongside the city's mayor, Ronen Plott. "The Economy Ministry attaches great importance to the advancement of industry and employment in Israel, especially in the periphery," Cohen said. “The hi-tech park in Tsiporit will lead to regional and industrial development.”The 20-hectare future hi-tech park will be built over the next five years, located in the northern jurisdiction of Upper Nazareth, according to the Economy Ministry. The Tsiporit Industrial Zone currently operates 28 factories and employs 3,500 people in a 450-hectare area. Because Tsiporit is a "Pituach Alef" development zone, businesses established there are awarded grants from the Economy Ministry, as well as 30% subsidies for their development fees and exemptions from Israel Land Authority tendering processes.