GEORGE TOWN – Penang’s metamorphosis into a tech hub began when U.S. tech giant Intel set up its first base outside the homeland. Intel now employs 7,000 people in 12 buildings across the state; its total investment of $4 billion has resulted in the production of 4 billion microprocessors. “What drew Andy Grove and Intel to Penang in 1972 remains true today: an openness to investment and partnership, an avowal to innovation, and a long-term commitment to education,” Intel spokesperson John Mandeville told the Nikkei Asian Review. “One of the main drivers was the establishment of a Free Trade Zone in Penang in the early 1970s, which provided attractive incentives to foreign investors,” said Simon Song, managing director of Bosch Malaysia, which has three manufacturing facilities in Penang, making power tools, car multimedia systems and automotive steering units.
DUBLIN — Before his recent resignation, outgoing Irish Prime Minister Bertie Ahern prefaced the annual St. Patrick”s Day pilgrimage to the White House by predicting “a hard year” ahead for the Irish economy. The banking crisis and credit crunch in the United States, as well as the falling dollar, worry Irish policy-makers. Ireland has 25 percent of its trade in dollars and has bet much of its recent economic boom on a 12 percent corporate tax rate — an enormous incentive for U.S. multinationals such as Intel and Microsoft to run pan-European operations out of Ireland. Google has the headquarters of its European and Middle East operations in Dublin. “The company is very pleased with how the Dublin operation continues to develop,” a Google spokesman said.
DUBLIN — Irish Prime Minister Bertie Ahern announced yesterday that he will step down next month after accusations of corruption. Ireland achieved record economic growth and peace with Northern Ireland during Mr. Ahern’s 11-year tenure, but an ongoing inquest into the prime minister’s personal finances has undermined his record. When Mr. Ahern became prime minister in 1997, Ireland was three years into a period of soaring economic growth and employment. One year later, Mr. Ahern left his mother’s funeral to finalize Northern Ireland’s Good Friday peace agreement. Tony Blair, the British prime minister at the time, praised Mr. Ahern’s role in bringing peace to Northern Ireland. “He will always be remembered … for transforming relations between Britain and the Irish Republic,” Mr. Blair said.