Cisco, with its plans for a large-scale facility in Dublin employing up to 3,000 people, is a significant new notch in the country's technology belt.
Along with other high-profile companies with large operations here - Microsoft, IBM, Intel, Dell, Gateway, Xerox, and Hewlett-Packard - such a glittering tech sector name helps lure further investment into the country and adds to its perception as a capable, cutting edge base for multinationals eyeing the European market.
Now, the IDA and the Government have another highly-visible company to add to their calling card when they go knocking on global tech company doors.
Cisco will be especially prized because of the towering position it holds within the Internet industry - so much of the Internet runs over Cisco's networking equipment that the company is practically synonymous with the Net. But to date, the world's most valuable company has had only token operations in the State. Until a recent increase to about 50, just two dozen employees were based at the company's East Point Business Park offices. Negotiations to bring the firm here have been careful but continuous, stretching over several years, with particular efforts over the past 18 months. It is understood that crucial advancement of the process came last winter when the Tanaiste, Ms Harney, visited Silicon Valley and held positive discussions with Cisco.
Helpfully, she also was seated next to Cisco chief executive, Mr John Chambers, at an industry dinner. Mr Chambers is understood to have had a long-standing interest in technology developments in the Republic and in expanding the company's operations here.
The entire process is typical of the long-term effort required to lure key companies here. Initial contacts by the IDA are carefully nurtured, often over many years. Trade missions by senior Government ministers add weight to negotiations and a visit by the Tanaiste or Taoiseach of the time may be used at pivotal moments to help sway a company's sentiment.
As the State economy grows increasingly intertwined with the fortunes of its technology companies - some 25 per cent of current wealth is attributed primarily to the electronics and technology companies - the Government's challenge will be to keep them here while continuing to entice in new players. In particular, the State must decide how to go after the Internet-based dot-com companies that, current market trends notwithstanding, will be the business dynamos of the future.
Their slippery valuations and uncertain economics make it difficult for anyone to accurately peg the dot-com winners and losers of tomorrow.
Cisco's large-scale presence here, though, will add considerably to the State's visibility, as not just a European centre for technology companies, but a growing European base for Internet-focused companies as well.
