Cork Chamber President: Optimism, resilience and also confidence in economy

THROUGH 2023, there has been much success, and while some challenges do remain, so too does that overarching sense of optimism, resilience and confidence in the Irish economy.

Despite an unstable geo-political global environment, we still continue to experience growth and expansion on this island.

We have witnessed 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.

However, new economic challenges in dealing with capacity constraints, inflation and heightened commodity prices have emerged. While these are not unique to Ireland and other modern economies, we must continue to monitor and respond to them to maintain confidence in the market.

The responsiveness to these challenges by both the Government and the business community continues to encourage innovation and flexibility among businesses. It is so positive to see in this context, that business confidence remains high in Ireland. Our Irish strength and success continues to lie in our unity of purpose, our collective willingness to adapt and the unique entrepreneurial spirit that has always been a catalyst for our economic prosperity.

This year we celebrated the 50th anniversary of Ireland’s accession to the European Economic Community in 1973. That decision changed the course of our social, political, and economic landscape in Ireland for the better. It was arguably the single most important decision our nation took since the very foundation of the State.

 Although our EU membership holds great significance, our destiny remains in our own hands.

Collaborating with our elected representatives, we must retain our commitment to enhancing Ireland’s reputation for our collective focus on the green transition. This shift towards a carbon-neutral economy will undoubtedly strengthen our growth, foster energy security and our long-term competitiveness. We are all more acutely aware of the value of Cork being designated as a European mission city to achieve climate neutrality by 2030. This is no small task and will require a deeper collective approach through designated funding, the continued swift delivery of planned infrastructure and most of all - that important commitment to deliver.

The planned improvements to our commuter rail services, the implementation of electrification projects in addition to progressing on urban light rail, will all have significant impacts on the economic fabric of the city and county.

Heating and energy demands in our home and commercial buildings account for 56% of Cork’s greenhouse gas emissions. Decarbonising our built environment is essential for achieving environmental, economic and social sustainability. It will contribute to Cork’s efforts to combat climate change, reduce energy consumption, improve air quality and increase health and financial well-belling for all who live and work in the region.

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

Our commitment to delivering on this is broader than achieving decarbonisation goals - it is critical to achieving energy security and future resilience. This year alone, we have seen many steps taken to enable the growth of the sector, with the launch of MARA (the Maritime Area Regulatory Authority), the first offshore wind auctions and increased activity in the solar landscape.

We look forward to further progress through 2024 in paving the way for energy independence, which will enhance our appeal to investors and elevate the quality of life in Ireland - creating a more secure legacy for the generations to come.

There has been good progress in the housing market in the second half of 2023. The recent amendments made to the Housing For All strategy as well as the housing package announced in Budget 2024 are very welcome. Under Project Ireland 2040, Cork’s population is set to grow by 50-60%. As it stands our population is growing faster than anticipated. Government’s continued focus on the delivery of housing is therefore key to increasing the attractiveness of our city region.

Ireland has become a much more diverse country. Just under 20% of the total labour force in Ireland are non-Irish citizens. This has undoubtedly strengthened our economic standing. 

In Cork alone, almost 50% of people living in the city centre were not born in Ireland. We must continue to take proactive steps to ensure deeper integration across our communities that will further enhance social cohesion.

The symbiotic relationship that has flourished between the business community and the further and higher education sector in Cork has fostered an innovative ecosystem. It is essential that Government continues to nurture the growing workforce and changing skills needs in order to support the long-term economic prosperity of Cork, the green and digital transitions and to further position Ireland as an attractive destination to live and invest in.

If we are to continue to grow and if Cork is to achieve the ambitions set out for the region in Project Ireland 2040, we must remain relentless in our pursuit of opportunity, for the right opportunities for Cork and the South West region. It’s about continuing to harness the good fortune of our unique attributes. To keep differentiating ourselves, and aspiring to sustainable growth. This is not a task for the future or a new year’s resolution soon to be forgotten. Our opportunity is now.