Waterford ‘could be a major hub of industry’

WATERFORD boasts massive, unexploited potential as a major hub for the financial services industry, a key economist has claimed.

The region urgently requires a “decent investment strategy”, Friends First chief economist Jim Power says.

His comments come ahead of his address on Thursday to a landmark brainstorming conference in Dungarvan about attracting investment into the county. It is expected to be attended by up to 400 leading business people in the region.

“The financial services industry is well developed in Wexford and Kilkenny but not in Waterford. We need to achieve the skilled labour force needed to attract such jobs and we need to be financially literate.

“We also need the proper IT capabilities and linkages with third-level institutions. We have Waterford Institute of Technology (WIT) but if/when we get university status, it would seriously enforce Waterford as a base for financial services industry.

“The main concentration of Ireland’s financial services industry is in Dublin which is congested, expensive to live in and has a questionable quality of life,” Mr Power, a native of Waterford said.

The session at Dungarvan’s Clonea Strand Hotel is designed to promote the county’s appeal as a hub of industry and commerce as well as a great place to live and work. It was the brainchild of the county council.

Four hundred of the country’s top business people have been invited to participate in the ‘Invest in Waterford’ seminar, a session which features a impressive line-up of speakers including Mr Power and the chief executives of several major companies.

The county council’s director of community and enterprise services, Brian White, said the seminar provided a “window of opportunity” to explain why it’s good to invest in Waterford.

“We want to send the message out that Waterford is open for business,” he said.

Guest speakers at the event include County Mayor Councillor Mary Greene, WIT director Professor Kieran Byrne, Riverdeep executive chairman and chief executive Barry O’Callaghan, Bowen Group chief executive John Bowen, Clancy Construction and Lavine Limited director Billy Clancy, and Mr Power of Friends first, who hails from Clonea-Power.

Also addressing the seminar will be Sahar Hashemi, founder of the Coffee Republic and author of If Anyone Can Do It; Brian White of Waterford County Council and Fearghal Reidy, Waterford County Enterprise Board’s new business development executive.

County mayor Cllr Greene has encouraged the council’s elected members to also attend the seminar.

“This is a very big undertaking by the county council and we have a very good line-up of speakers. Hopefully it will be a huge success,” she said.