Intel investment

@Tayto wrote:

Good news at last.

+ 1

Intel will invest $500 million in Irish plantExplore related topics
Pharmaceuticals Intel Corporation Story Quotes Comments Screener (3) Share Yahoo! Buzz
By Quentin Fottrell
DUBLIN (MarketWatch) — U.S. computer technology and manufacturing company Intel Corp. /quotes/comstock/15*!intc/quotes/nls/intc (INTC 21.08, -0.21, -0.99%) will begin work on a two-year, $500 million upgrade of its Irish research and development plant in Leixlip just outside Dublin, the Irish government announced Saturday.

The news comes at a time when Ireland’s economy is in the grip of an economic and financial crisis, with unemployment once again in double-digits in percentage terms, and a general election due in March for the embattled Fianna Fail-led government.

Irish Prime Minister Brian Cowen said the investment will support 850 construction jobs as well as 200 new high-skilled employees in Ireland and called the announcement by the U.S. company a “watershed moment” for Intel’s relationship with Ireland.

“Intel’s investment demonstrates that Ireland remains a competitive location for advanced manufacturing,” Cowen said. “This is a cornerstone of the smart-economy strategy which recognizes that manufacturing will play a fundamental part in our economic future.”

Ireland jealously guards its 12.5% corporate tax rate, a major attraction for multinationals, but there are concerns among businesses here it may be threat after Ireland agreed to a EUR67.5 billion European Union-International Monetary Fund rescue package. Ireland will contribute an additional EUR17.5 billion to the EU/IMF deal.

Cowen said, “The government remains committed to providing a stable and competitive location for foreign direct investment, while also investing in R&D and innovation, thereby ensuring that major international companies like Intel continue to create jobs in Ireland.”
http://www.marketwatch.com/story/intel-will-invest-500-million-in-irish-plant-2011-01-15

That now strengthens the case for Dublin Underground which this government shelved for the Metro North vanity project. It is however at IDA level a deal that they can be very proud of and could not have come at a better time to get Sarko off his box and back into it.

Fantastic news for Europe, Ireland and the Gerater Dublin area.
Just remember every time Europe whinges because we have a low corporate tax rate.
They have a lot of people thinking raising the retirements age from 60 to 62 is a big issue.

ONQ.