Governor Andrew Cuomo announced today that a group of 5 technology firms will invest a total of 4.4 billion dollars to upstate New York. The investment is for the advancement of a new generation of computer chips. Intel, IBM, GLOBALFOUNDRIES, TSMC, and Samsung signed an agreement for the investment to take place.
Governor Cuomo stated that 7,000 upstate New York jobs will be created or kept.
"This unprecedented private investment in New York's economy will create thousands of jobs and make the state the epicenter for the next generation of computer chip technology," Cuomo said.
The state and the firms made an agreement over the next 5 years. In the agreement the state will invest 400 million over the next five years. The 400 million will go to the State University of New York’s College for Nanoscale and Science Engineering (CSNE) in Albany.
The money that the state invests will go directly to (CNSE). All tools equipment and materials used will be owned by (CNSE).
New research and development facilities will be located in Albany, Canandaigua, Utica, East Fishkill and Yorktown Heights.
Most of the investment will be specifically for two projects. The first project will be to manufacture the next generation. The second part of the investment will go to making production available for the new technology. Tuesday's announcement came as 10 newly created regional development councils began to debate economic development initiative ideas. On a radio show on Monday, Cuomo said "plans with a high degree of predictability" would be rewarded with grants and tax credits.
Comments