$4.4 Billion Nano Investment Signals that New York State is Open for Business
Posted by Andrea Michelcic on September 27, 2011 · 12 Comments
“We won a very important competition globally… Why? Because we are New York. That’s why we won it.”
A distinct grin of satisfaction was present on New York Governor Andrew M. Cuomo’s face as he announced at the “New York is Open for Business” consortium that five global technology companies with be investing $4.4 billion dollars in to semiconductor research to be based in upstate New York.
The investment — by Intel, IBM, Samsung, Global Foundries and TSMC — will create 2,500 high-technology jobs as well as 1,900 construction jobs, according to the governor’s office. Supported by the substantial corporate investment into computer chip research, these new jobs will be based at the Albany Nanotech (CNSE) complex with Intel, at IBM in East Fishkill, SUNYIT in Utica, the CNSE’s facility in Canandaigua and Yorktown Heights, Cuomo said that the deal would also ensure that 2,500 existing jobs in Albany, Canandaigua and East Fishkill will be retained.
Over the past two decades, New York State and the University at Albany have invested heavily in a growing nanotechnology sector. $400 million dollars in state aid has been slated to go directly to SUNY’s College of Nanoscale Science and Engineering. This announcement was paired with a new grass roots regional economic development model for the state of New York.
Significant praise was given to CNSE’s chief, Dr. Alain E. Kaloyeros, who Assembly Speaker Sheldon Silver stated was the true visionary of the economic development factor that nanotechnology has played in the Empire State’s growth in the segment over the past twenty years. CNSE’s birth from one building on Fuller Road (CESTM) has grown to a multi-billion dollar facility that has attracted over 250 partner companies from across the world.
“The ‘New York Open for Business’ campaign will get the message out to companies throughout the world that New York is a premier place for businesses to invest and grow,” Governor Cuomo said. “As we continue to transform Albany’s approach to economic development, we must emphasize the many advantages New York has to offer, including our central location, our wealth of resources, our unequalled network of colleges and universities, and our diverse, innovative, educated and hard-working residents. With this campaign, we will help build a stronger economy and foster greater private investment throughout New York State.”
In recent years, New York has been battling against a national image as having one of the worst business climates in the nation. Businesses have left the state in record numbers over the last decade and job losses have devastated local communities in the greater upstate regions. According to the Governor’s office “New York Open for Business” initiative has been established to promote the many assets of investing in New York regain its reputation as a business-friendly state.
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