Cork City Developments: Investment in infrastructure is critical
The latest statistics from the CSO show that the region accounts for about a third of industrial output.
In recent years the south-west has seen an influx of significant foreign direct investment (FDI), with a particular reputation for attracting pharmaceutical and technology companies such as EMC, Pfizer, Eli Lilly, Apple, Tyco, and Dell.
With competition from around the world, it is becoming increasingly difficult to retain and attract business within Cork and there are several areas that require urgent attention.
Investment in transport infrastructure is proven to foster trade, create economic growth and employment, and greatly enhance the attractiveness of a region for FDI.
I believe we must address the various gateways which improve access to and from Cork if we are to effectively compete on the global stage.
While investment in infrastructure has helped facilitate a growth in activity, we must continue this push in order to ensure a more balanced mix of incentives for business to locate here, as I expect taxes will be harmonised throughout Europe by 2020.
Close to the city, the Jack Lynch Tunnel/Dunkettle Interchange caters for more than 76,000 vehicles a day and links the M8 with the N40 and N25, all forming part of a core corridor. Commuters in and out of the city will be aware of the bottleneck issues at peak hours.
The National Roads Authority (NRA) has completed the design and received planning permission for the €90m upgrade of the junction, but recent doubts have emerged regarding government funding for the project.
This is the busiest junction outside of Dublin City and should be a priority for redevelopment.
Investment in such transport cogs will have a positive knock-on impact for busy commercial locations such as City Gate Park, with 28,000 sq m of business and retail buildings, as well as alleviating traffic congestion to major industrial gateways such as Ringaskiddy.
In my opinion, the Ringaskiddy expansion and N28 motorway must commence immediately in order to facilitate inner city and docklands development.
Ringaskiddy is one of the busiest commercial hubs in the country, home to global giants such as Pfizer and Novartis, and the Port of Cork’s main berthing facilities.
However, with more than 26,000 vehicles using the existing Cork-Ringaskiddy road each day, the transport link is no longer fit for purpose.
The NRA recently unveiled a preferred route for a motorway to replace the existing Cork-Ringaskiddy (N28) road, which will bypass Ringaskiddy village and link directly with the eastern side of the Port of Cork’s container terminal. This cannot happen soon enough given the strategic importance of the route. With a general election looming, hopefully it will feature as a priority.
The region has major potential for further growth and employment, but expansion can only take place against the backdrop of an effective transport route into and around the city.
For the Port of Cork’s development and ambition to be realised, the N28 motorway and Dunkettle works must start immediately. The Port, which is planning an €80m extension of its Ringaskiddy terminal and a €20m deepwater berth, would no doubt welcome improved transport routes.
Cork is one of the world’s greatest natural harbours and redevelopment of its facilities has been ignored for far too long.
I believe Cork can match any of Europe’s modern cities, but some of the ‘heavy industries’ operating at the city quays must be relocated to Ringaskiddy, reducing HGV traffic in the city and facilitating the much-debated Dockland Development.
Two of eight projects that form part of a total investment of €1bn are being progressed in the port: A clean-up of the old Irish Steel/Irish Ispat site on Haulbowline Island in the centre of Cork Harbour and a plan to redevelop Spike Island in the style of Alcatraz, helping to drive tourism.
The Port of Cork’s cruise-liner business grew in 2014 with 53 liners calling in 2014, bringing 119,000 passengers and crew, providing a positive knock-on impact for the local economy.
Work has begun on upgrading the facilities at Cobh Cruise Terminal to allow larger ships berth there and a focus on strategic infrastructure can play a key role in fostering greater tourism across the region.
Investment in Páirc Uà Chaoimh will help us attract major GAA sporting events and possibly bring World Cup rugby to the region in the future.
We also need a motorway from Cork to Macroom to facilitate a better flow of tourists between Cork and Kerry.
Important initiatives such as the 6,000-seat events centre on the historic Beamish & Crawford brewery site will help attract visitors to the city. Cork Convention Bureau, which is targeting an 8.5% rise in international conferences in Cork for 2015, has backed the development.
We must continually invest in our educational infrastructure, such as University College Cork and Cork Institute of Technology, to ensure we can compete with world-class institutions and produce the talent to attract new business to the region.
Meeting business leaders at networking events around Cork, a common complaint is that we have no direct air route from Cork to the east coast of the US. Cork Airport has the potential to rank as a major driving force of economic development and yet it doesn’t seem to be given sufficient priority by the DAA. To ensure its potential as a gateway to the south-west and the rest of Ireland for business interests and tourism, expanded routes from the airport need to be prioritised.
Contrary to some opinion, the 2.1km runway at Cork Airport is long enough for certain aircraft, including the Boeing 757, which Aer Lingus has in its fleet, to fly fully laden with passengers, luggage, and fuel to the US east coast.
Since the advent of the open skies initiative, Cork Airport has been marketing the opportunity of transatlantic flights to both US and Irish airlines, offering no aeronautical charges for any airline that takes up the opportunity in the first year of its operation, as well as significant marketing and promotional support. This opportunity should be trialed with the support of local business and groups.
Cork is the second-largest city and largest county in Ireland, with a huge catchment area of 1.6m people to be serviced by the airport, which is the busiest international airport outside of our capital city. With many US multinationals based here, it is time to seriously address the barriers stopping direct transatlantic flights becoming a reality.
Established in Cork in 1958, BAM Ireland is the country’s leading construction company with operations spanning the entire spectrum of activity, from hi-tech biopharma facilities and state-of-the-art buildings to world-class sports stadia.
With a base in Little Island, we’re proud to say that we have been involved in many projects throughout Cork which have enhanced the region, including Cork Airport and the Western Gateway Building at UCC.
While Cork has really improved over the past 25 years in terms of attracting business and creating much-needed employment, there is much work still to do, and we will play our part in the progress.
Some of the projects I reference above have been in gestation for over 20 years, but I genuinely believe they are now achievable within a three-five-year timeframe.
Funding for many of the projects could be realised using the Public Private Partnership model, and a number of smaller projects could be bundled together into a PPP to help deliver them in the short term.
If we do not move forward now, I fear Cork will miss out on the next economic uplift.
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