New York will be getting a boost to its tech sector thanks to a large investment from five technology companies. Intel, IBM, GLOBALFOUNDRIES, Samsung, and TSMC are investing $4.4 Billion in the state’s nanotechnology sector, an investment that is expected to create 6,900 jobs. New York was picked over several other countries in the running for the money.
The state will provide $400 million in matched funds that will go to the SUNY College for Nanoscale Science Engineering to support education for these new jobs. No company involved in the partnership will receive money from the state.
The agreement is for the next five years and is expected to create a US hub for nanotechnology. The state has been working to attract nanotechnology investments for some time now and Governor Cuomo made it part of his agenda when he entered office.
“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.