GlobalFoundries helps revitalize Capital Region's economy - NEWS10 ABC: Albany, New York News, Weather, Sports

GlobalFoundries helps revitalize Capital Region's economy

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ALBANY, NY -- Thursday morning the Lt. Governor was on stage at the College of Nanoscale Science and Engineering thanking GlobalFoundries CEO for investing more dollars in the region. 

Lt. Governor Bob Duffy says GlobalFoundries has already made a huge impact on the region and they are on track for a new Technology Development Center to be built by 2014 with a new $2 billion investment.

The TDC would expand upon the Fab 8 campus in Malta. Duffy said the end result is 1,000 new high paying jobs in the facility and a revalitized economy in the Capital Region.

"This is all a part of the Govorner's plan to remake the economy in upstate New York," said Duffy.

Also as a part of the economic plan for upstate New York are proposals for casinos, an aggressive marketing campaign to push upstate products like cheese and greek yogurt, and promote more tourism, all things mentioned during the Govorner's State of the State address Wednesday afternoon.

"Part of his message in the State of the State really comes down to what we're talking about here," said Duffy.

Ajit Manocha, GlobalFoundries CEO said,"This approach we started in New York because of the vision in the state of New York by Governor Cuomo; To bring businesses to New York and New York needs businesses."

The state is banking on GlobalFoundries' new investments to have a lasting impact on the economy as more jobs are created, and the company helps the Capital Region and the state develop and build in the tech sector.

"I just marvel at this place," said Duffy. "Go up to Malta, business is growing, come around here things are sprouting."

GlobalFoundries even hinted that the Fab 8 campus could expand. "We've talked about a big expansion but today let's focus on TDC," said Manocha.

Construction of the TDC is planned to begin in early 2013 with completion targeted for late 2014.

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