Concerns over foreign investment

THE IDA has been accused of “de-emphasising” the importance of Cork and Dublin as locations for foreign direct investment.

Bord Gáis chief executive, John Mullins, who was recently elected vice-president of Cork Chamber said this is a “point of concern” for the business group and it will be lobbying the Government on the issue.

He said the Chamber plans to invite Enterprise Minister Batt O’Keeffe to Cork to discuss a number of issues as they draft plans to boost the local economy.

The IDA, which is the Government body responsible for attracting foreign direct investment to Ireland, said it doesn’t want to see counties left behind. An IDA spokesman said the agency is not de-emphasising Cork and Dublin as locations for investment but they are keen that other locations are just as successful.

Cork and Dublin account for 60% of all IDA investment and the agency has an aim that in the next five years that will be reduced to 50%.

Mr Mullins also believes the Cork docklands could be transformed with the addition of an “Asian Business District”, or a so-called Chinatown. “There is an opportunity to create a campus for Chinese studies, there,” he said.

“The economic future of Cork is foremost on my mind and it is about sustaining what we have,” he said.

Other issues of importance to the Chamber are the advancement of the telecommunications infrastructure in Cork and the development of the port. Mr Mullins said the Chamber also plans to lobby the Dublin Airport Authority (DAA) on the issue of a transatlantic connection from Cork.

A recent survey conducted by the Chamber found that nine out of 10 businesses in the south-west believe the level of direct air services at Cork Airport is a key factor in attracting foreign direct investment to the region.

The air travel survey of 342 businesses also found that business people in the region requested new routes and better frequencies out of Cork Airport.

“A linkage with the US is vital,” said Mr Mullins.

Meanwhile, the president of the Chamber has criticised the National Roads Authority (NRA) for objecting to several major projects in the city which have the potential to create thousands of jobs. Ger O’Mahoney described the objections as “incomprehensible” and said it is not acceptable that development projects which have huge job potential are jeopardised.

The NRA recently warned that the city’s southern ring road could become a bottleneck like Dublin’s M50 if major development continues along its corridor.