Cuomo Announces $4.4 Billion Investment By Leading Tech Firms

Cuomo's job plansNew York Governor Andrew Cuomo announced on Tuesday that the state had officially entered into agreements providing for investments valued at a total of $4.4 billion from international tech companies Intel, IBM, GLOBALFOUNDRIES, TSMC and Samsung to develop what is being touted as the ?next generation? of computer chip technology. ??

The five-year, multi-billion dollar investment will create and retain an estimated 6,900 jobs for the state, according to the governor?s office, with notable hiring pick-up in Albany and other areas, such as Utica, Yorktown Heights, East Fishkill and Canandaigua.??

“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 in a statement.??

The announcement is the latest attempt by Cuomo, who as Attorney General was often charged with investigating misbehavior on the part of Wall Street and other business interests, to strike a discernibly different tone for New York?s business community in his new role as governor. ?Cuomo last week announced the launch of a multi-platform campaign called ?New York Open for Business,? which is intended to instill confidence in entrepreneurs by combating New York?s ?anti-business? reputation among companies that may be considering relocating to or leaving the state.??

“IBM, which is celebrating 100 years in New York, Intel, which is making its most significant investment in New York, as well as TSMC, Global Foundries and Samsung now recognize that the state is on its way to becoming a premier location for jobs,? Cuomo added.??

The new investments will also supply a much-needed boost to the jobs and business ecosystem of upstate New York, which has long languished in its attempts to keep pace with New York City and the financial services sector as a major driver of the state?s economy. ?According to the governor?s office, approximately 2,000 new construction jobs will be created in and around Albany, with another 2,500 existing jobs being retained.??

And the State University of New York (SUNY) system figures to be a key player in the research and development process, with the state expected to invest a reported $400 million in the SUNY College for Nanoscale and Science Engineering (CNSE) in Albany.??

?This partnership will draw on SUNY’s capacity to grow 21st century jobs and train a highly skilled, globally competitive workforce to fill those jobs,? said SUNY Chancellor Nancy L. Zimpher, who commended Cuomo for ?having the vision to include public higher education in the revitalization of New York’s economy.”??

Cuomo?s latest announcement follows New York Mayor Michael Bloomberg?s announcement in July of a ?game changing? competition among major colleges and universities from all over the world to develop a technology campus in the city to spur further expansion of New York?s growing Silicon Alley space and attract and retain the high level of talent that has tended in the past to flee for Silicon Valley?often considered a Shangri-La among tech enthusiasts. ???

Thus far, Cornell, Stanford and the Massachusetts Institute of Technology have emerged as some of the leading contenders in the competition, which is officially a ?request for proposals,? or RFP.??

According to the governor?s office, the new investments are the result of New York?s winning out against countries in Europe, Asia and the Middle East. Officials also specified that none of the companies involved are expected to receive state funds as part of the agreement.??

Said Brian Krzanich, senior vice president and general manager of manufacturing and supply chain at Intel: “This agreement puts New York on the forefront of the next generation of technological innovation.?