Intel will invest $5 million in the program, which will be launched in 25 schools in southern Israel and will be offered to students throughout their studies.
Intel managers and senior officials will visit the schools as mentors and tell the students about the advantages of working in the high-tech industry and why it is worthwhile studying exact sciences.
In addition, the students will tour Intel's production facility in the southern city of Kiryat Gat.
In light of the recent round of layoffs in the high-tech industry, Otellini said his company had no plans to fire workers in Israel. "You can never say never," he noted, "but we are in good condition."
Following Intel's recent decision to open a new chip plant in Ireland rather than in Israel, the CEO was asked whether the company would build new facilities in Israel in the future.
"It's still too early to decide about the future plant," Otellini replied. "We'll make the decision based on facts. We're in Israel for the long run."
The issue was also raised in Otellini's meeting with Shimon Peres, during which he presented the president with Intel's smallest microchip which is the product of Israeli research and development.