Deliver on the capital plan as set out in Project Ireland 2040
Businesses in Cork have voiced their concerns over the slow pace of progress with significant capital projects and are calling for accelerated delivery of the National Development Plan, to support balanced growth and job creation across the entire country.
Ibec Cork Regional President Sean Moran said, ‘Business is concerned that progress is slipping in the delivery of Project Ireland 2040. When it comes to finally pressing the button and getting major schemes started, the conviction appears to be lacking.
There is an increasing frustration amongst the business community as challenges around capacity, congestion and productivity intensify. The country is currently enjoying windfall corporate tax revenue and there is an opportunity to invest in much-needed infrastructure, improve overall quality of life and position the regional economy to grow.
Delays on infrastructure have significant costs, pose a real threat to economic growth and damage competitiveness. The Dunkettle Interchange is the latest project to fall victim to delays, with significant cost implications for the wider business community and the Cork region.
Ambitious growth targets were identified for Cork in Project Ireland 2040. Unless we deliver the necessary infrastructure, the region will continue to develop at a slower pace.
Regions are particularly vulnerable to Brexit. The best way to prepare regional economies for the challenges ahead is to follow through on investment priorities through the National Development Plan.
Mr Moran said, ‘if we want to continue to attract investment and jobs and grow the regional economy, infrastructure must be a priority and must be fast-tracked. Failure to do so will impede growth and result in lost economic opportunity. With economic uncertainty clouding the economy, businesses need to know that every effort is being made to provide the region with the infrastructure necessary to support growth and prosperity.’
With all eyes on Brexit and an uncertain economic future, the importance of infrastructure investment and generating real momentum for the Project Ireland 2040 ambition is more vital than ever.