There is an appetite and confidence for continued investment in the Irish economy - Ronan Murray

My Job: Finance Partner at EY, Ronan Murray's role encompasses mergers & acquisitions and private equity.

President of Cork Chamber and Corporate Finance Partner at EY Ireland, Ronan Murray: “There is an appetite and confidence for continued investment in the Irish economy."

With 2024 well under way, confidence is high among Cork’s commercial community on the prospects of a solid business year ahead. Cork Chamber’s most recent Economic Trends survey shows 80% of respondents expressed confidence in the Irish economy, further bolstered by 81% who revealed their net profit had either increased or remained the same in 2023.

The Chamber’s president Ronan Murray points to the stable trends in turnover and net profits as signalling the strength and agility of Cork commerce, adding that the positive outlook reflects the adaptability and forward-thinking approach adopted by the business community.

“In the face of ongoing global economic volatility, it is worth highlighting that confidence in the Irish economy has remained strong throughout the fourth quarter 2023,” he said.

“Cork continues to exude economic resilience, as evidenced by a stream of investments and expansion announcements from some of the region’s largest employers.”

While challenges in the areas of inflationary cost pressures, commodity pricing, supply chain issues and geo-political turbulence remain, business confidence in the economy has remained constant. Mr Murray said: “These problems are not unique to Ireland as a vibrant modern economy, but we must continue to monitor and respond to them to maintain confidence in the market. 

"The Government has been quite responsive in terms of addressing concerns around inflation and energy costs, and that is underpinned by an existing trust in the political stability, allied to pro-business policies. 

The fundamentals in the Irish economy are strong, and while there are pockets of concern at different times, there is a prevailing confidence that has been there for a number of years, and will continue going forward into 2024.

Skills shortages continue to be a concern, with 64% of survey respondents expecting the situation to continue over the coming months. Contending with skills gaps across various sectors and professions is not surprising given the economy is at near full employment, Mr Murray said. 

Particularly noteworthy are the acute skills gaps identified in science, engineering, and technology professions. “Many companies are proactively addressing this challenge by implementing training programmes and collaborating with educational institutions,” he said.

“By focusing on up-skilling, digitalisation and strategic collaborations, companies are positioning themselves for resilience in the face of evolving workforce dynamics and an economy at full employment where Cork is competing on a global stage for talent.”

He added it is important, now more than ever, that Cork maintains its competitive edge needed to attract and retain highly skilled talent: “Cork Chamber is committed to supporting the region and ensuring it remains attractive to investment and talent alike.”

In his role as Corporate Finance Partner at EY Ireland, Mr Murray’s areas of focus encompass mergers & acquisitions and private equity. With extensive corporate finance experience providing M&A lead advisory and transaction services, his role provides strategic advice on acquisitions and disposals from initiation to transaction completion. 

A key game changer for Cork is the Docklands development — an urban regeneration of one of the largest urban dockland zones in Europe. File picture: Larry Cummins

He has an honours Bachelor of Commerce Degree and an Executive MBA from UCC and is a fellow of Chartered Accountants Ireland.

“There is an appetite and confidence for continued investment in the Irish economy and increasing mergers and acquisitions with Irish private companies, as I have experienced in my own role as an M&A Partner with EY Ireland. This bodes well for both the short- and medium-term outlook,” he said.

City on the rise

The ‘Our City, Our Future 2022-2028’ plan outlines a number of key projects that will guide the city’s growth and expansion.

“With a population of over 210,000, Cork is an emerging international city of scale and a national driver of economic and urban growth,” Mr Murray added.

Project Ireland 2040 designates the city for significant additional growth over the next 20 years, supported by large-scale investment. “Cork is very much a city on the rise and the positivity and sense of opportunity is tangible within the business community.”

Among the major projects due to come on stream are the Cork University Business School, and the delivery of Light-Rail Transit and its interaction with the Lee to Sea Greenway.

A key game changer is the Docklands development — an urban regeneration of one of the largest urban dockland zones in Europe.

“A development of this scale will instil major confidence for both FDI and indigenous private firms and will be key in attracting and maintaining a highly skilled and diverse workforce,” he added.

Renewables

Sustainability and the changes needed to combat climate change is another area of significant commercial and employment activity for Cork and its environs.

Ireland has continued to climb the rankings of the EY Renewable Energy Country Attractiveness Index, rising currently to 12th place resulting from a series of positive renewable energy and related infrastructure developments.

The index ranks the world’s top 40 markets based on the attractiveness of their investment in renewable energy and deployment opportunities.

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“Sitting in this enviable position on the edge of the Atlantic, we have the potential to emerge as a renewable energy powerhouse.”

Mr Murray cited the ongoing development of the sector, and the recent launch of the Maritime Area Regulatory Authority, the first offshore wind auctions and increased activity in the solar landscape.

“Paving the way for energy independence will not only enhance our appeal to investors but it will also elevate the quality of life in Ireland, which ultimately will create a more secure legacy for the generations to come.”

In a rapidly changing global economy, Cork has the potential to be a global renewable energy hub: “Increases in the targets of energy production from renewables across onshore wind, solar, and offshore wind targets is particularly welcome and offers a greater opportunity for Ireland to secure its energy independence. 

We do need to accelerate the harnessing of our natural advantages like offshore wind and continue to attract the best and brightest to our city region.

Cork itself is in the midst of an exciting phase of development, projected to be the fastest-growing city region in Ireland with an estimated 50% increase in population by 2040. “Cork continues to be a source of significant investment as small, medium, large indigenous companies seek to grow and expand.

"That, coupled with continued FDI investment, sends a very positive message on the future success of the city and beyond. Indeed, it speaks volumes that five of the top 10 Fortune 500 companies have a presence here. I firmly believe the Cork City region is on the cusp of fulfilling it’s true potential.”

This evening’s Cork Chamber Annual Dinner is the region’s largest flagship event of the year. Minister for Finance Michael McGrath will be guest of honour and keynote speaker. The winners of the Cork Company of the Year Awards 2024 will also be announced on the night.

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