Cork is to get a direct connection to a new high-speed undersea transatlantic fibre cable that links the US to Europe

The move, which will provide a super-fast internet connection for companies, is seen as a major boost for the region.

Hibernia Networks said on Friday it is to connect its flagship Express cable to southern Ireland via a new landing station in Cork.

Project Express is a 4,600km Trans-Atlantic submarine cable system linking Nova Scotia in Canada and Brean in the United Kingdom.

The cable, which has been designed primarily for use by companies in the financial sector, will link hundreds of global banks and financial exchanges with a single super-fast internet connection.

The cable promises the lowest latency route from New York to London with about 60 milliseconds round trip delay. This may only be a few milliseconds less than what is currently possible, but every millisecond makes a big difference when it comes to multimillion-euro financial transactions. It is believed that banks will be willing to pay considerable sums to connect to the system once it goes live next summer.

"The extension of Express to Cork has significant international business implications and will make Ireland that much more attractive to both established players and tech start-ups alike," said Minister for the Marine and TD for Cork South-Central Simon Coveney.

Local business groups also welcomed the announcement.

"Bringing Tier 1 international data connectivity to Cork represents a significant economic opportunity for the Cork region," said Conor Healy, chief executive of Cork Chamber of Commerce.

Hibernia, which is a sister company to Magnet Networks, currently operates three cable landing stations in Ireland and provides six routes that connect the island of Ireland to North America and Europe.