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Businesses in North Wales are to receive a fillip in the form of a high-speed fibre-optic network, which promises to deliver a fast broadband connection at a reduced cost.

The £30 million broadband link is the brainchild of Deputy First Minister Ieuan Wyn Jones and will link more than a dozen strategic business parks in the area, the Daily Post reports.

The construction of the FibreSpeed network will bring in an extra £29 million annually to the Welsh economy, both by improving the performances of companies and by drawing in new firms seeking to take advantage of the network, the Assembly Government predicts.

Deputy First Minister Mr. Jones said: "In advanced telecommunications infrastructure is absolutely vital to the kind of economic development we want to achieve in Wales.

"FibreSpeed is a major step in the creation of an infrastructure, which will give a whole range of Welsh companies and organisations a standard of communications services easily equal to the best in Britain.

"It is part of a process which will facilitate the long term transformation of our economy."

Financing for the FibreSpeed project will be provided by suppliers and designated operators GEO and European Structural Funds.

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