Agri-business sector can revive the whole economy, says developer

A RENEWED focus on agri-business could revive our flagging economic fortunes, says one of Ireland’s leading property developers.

Owen O’Callaghan said that the food industry can help generate vital revenue for the broader economy.

The sector can help Ireland navigate its way through the next two difficult years, with an upturn likely by the end of 2011, he believes.

“We have to get our agri-business sector going again and improve and promote it,” said Mr O’Callaghan at a recent Cork Chamber business breakfast. “Agriculture and the parallel food industry represent one of our main plusses and we should take complete advantage of that.

“Food production and adding value is something we are excellent at and I believe that the agri sector has to be re-invigorated. This is what we are good at – this is what we can do. We are good farmers, but we seem to have lost interest in farming.

“If you look at our natural resources – we have no oil, no coal, turf harvesting will shortly be a thing of the past, what gas we have we fight about it. Anyway, we can import it cheaper than producing it here. But we have the best land in Europe and our farmers are amongst the best in the world.”

Mr O’Callaghan also cited Ireland’s highly educated population as another huge natural asset for the country. He said we need to use this resource to attract foreign direct investment.

In this context, he also welcomed the proposal of Cork County Council, UCC and CIT to develop a Science and Technology Park at Curraheen.

The Cork-based developer also said that Ireland would start to see a recovery in two years from now, when the country’s existing housing stock will be depleted.

Surplus office space will also have been taken up and there may be some need for additional retail and industrial units – “if NAMA has not flooded the market,” he cautioned.

O’Callaghan Property’s current development plans for Cork include a private hospital on Lancaster Quay, which has just been refused planning, but should still be completed by mid-2011.

Two other Upper Docklands projects include 140,000sq ft of offices at Anderson’s Quay, and 350,000sq ft of offices at Albert Quay. These two projects should gain a lot of new inward investment for the city, giving Cork business a lift similar to the retail boost delivered by O’Callaghan’s projects at Opera Lane and Half Moon Street.

“We look forward to delivering them when the market picks up, as it will,” said Mr O’Callaghan. “Our company knows about doing business during a recession. This is about my third and like all the others we will get through this one too. The thing about recessions is that they come and they go.

“I am very confident that we will emerge from our current difficulties. Ireland has a capacity to punch above its weight and the greater the challenge the more we tend to rise to it.

“We have great characteristics and if we have unity of purpose, we will emerge better and stronger than ever.”