The Ministry of Industry and Trade's Investment Promotion Center has approved a $20.3 million investment by Taro Pharmaceutical Industries (Nasdaq:TARO) to expand its Haifa plant.

Taro won't be receiving any actual money from the state, but it will be getting tax breaks over the years on sales of products made at the plant.

The plant manufactures generic drugs, active chemicals, intermediate chemical substances, and mechanical components.

The Taro project is one of 14 investment plans the ministry approved, worth $90.3 million. Minister of Industry and Trade Dalia Itzik said the investments are expected to create about 700 new jobs.

Another approved project is $15.4 million for expanding the Elbit Systems (Nasdaq:ESLT) plant in Karmiel. The plant manufactures integrated systems, electronic products and electro-optical products. Here too the state isn't providing any subsidies, it is giving the company tax breaks instead.