Updated 05/25/2012 03:52 PM
Leaders discuss future of advanced manufacturing
On the heels of a summit for semiconductor industry leaders from the around world, local leaders meet to discuss the future of advanced manufacturing in the United States. YNN's C.J. Spang has more.
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MALTA, N.Y. -- GlobalFoundries' Fab 8 is the most advanced manufacturing facility in the world and is considered by many in the area to be a great success. But those in the semiconductor industry say Tech Valley needs to continue focusing on the future.
"We cannot afford to fumble ever," said GlobalFoundries CEO Ajit Manocha. "We must show the successes and that will be inspiring for other businesses to come here and I'm very confident about that."
Local industry leaders and elected officials held a symposium Friday at the TEC-SMART facility in Malta to discuss the future of advanced manufacturing and the semiconductor industry. The Capital Region is considered a great example of how industry, government and education can come together to succeed.
"I believe we are showcasing exactly what the President's vision is about," said Congressman Paul Tonko. "Investing in advanced manufacturing. You can't ignore manufacturing and expect to be a world leader."
While the Capital Region is having success, there are still concerns among industry leaders that it's more difficult to do business in the United States than it is in other places around the world.
"Certainly we're going to have to have judgment in regulations, but we need to make good choices on that so we have tax and regulatory policy that is conducive to growth," said Congressman Chris Gibson. "Trade policy is very important and then educational policies."
Leaders at GlobalFoundries say Fab 8 is a prime example of why the U.S. needs to be more competitive in the business world.
"If we were not here, you would not have 10,000 jobs that we are talking about. This creates, this grows the economy," Manocha said. "The benefits are huge. I tell you, other countries would love to have us go there. So they see the benefits."