Intel’s $500 million (€373 million) expansion of its operations in Ireland is a vote of confidence in its economy, the Taoiseach said.
Mr Cowen said the technology giant’s move, which will see more than a 1,000 new jobs created, proved that Ireland remained an attractive proposition for foreign investors.
The refit of Intel’s Leixlip plant in Co Kildare will create 850 construction jobs in the two year build.
Around 200 permanent technology workers are being hired in advance of the new facility being completed.
Mr Cowen described the "significant investment" as "a watershed moment in Intel’s relationship with Ireland". He said it was "a great vote of confidence, from one of the world’s leading technology companies, in both the Irish economy and the quality of Intel’s Irish workforce".
“Intel’s investment demonstrates that Ireland remains a competitive location for advanced manufacturing. This is a cornerstone of the Smart Economy strategy which recognises that manufacturing will play a fundamental part in our economic future, with an increasing emphasis on securing competitive advantage through R&D, innovation and product design.
“Intel’s continued investment in its Irish operation is a major contribution to securing Ireland’s image as a global innovation hub," Mr Cowen said.
He added that the Government remained "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.”