Work underway to market Cork site for foreign direct investment
The Ringaskiddy Industrial Zone.
WORKS are underway at an IDA landbank near Ringaskiddy, and once completed, the site will be marketed for foreign direct investment (FDI) by IDA global teams working to identify investment from clients in the life sciences, manufacturing or internationally traded services sector.
The IDA has commenced works to facilitate phase 1 infrastructure of the land bank at Coolmore in Shanbally. The 13-hectare site is currently zoned for industrial development.
A spokesperson for the IDA said that it is expected that the works will be completed in September.
“While these are enabling works, once complete the site will be marketed by IDA global teams working to identify investment from clients in the life sciences, manufacturing or internationally traded services sector. Any proposed future development of the site will be evaluated through the statutory planning process,” the spokesperson said.
The landbank at Coolmore is one of six IDA landbanks in Ringaskiddy.
Despite Covid restrictions, the IDA says that it continues to market its property portfolio in Cork which includes lands at Ringaskiddy, Ballyadam, Kilbarry, Model Farm Road, Fermoy and other locations.
In the absence of physical visits due to travel restrictions in place as a result of the Covid-19 global pandemic, the IDA put a virtual site visit offering in place and said there were three such virtual itineraries or site visits to Cork in Q1 of this year.
IDA’s Head of Regions, Property & Enterprise Development, Denis Curran said that the site visit figures “in no way reflect the scope and scale of our marketing efforts in working to attract investment to Cork and the South West region” adding that “a large proportion of investment comes from established companies reinvesting and expanding their existing operations here and indeed supporting our client companies to develop and grow their operations is a key focus for us.”
Mr Curran said that FDI performance in the region has been strong over the past five years with employment among IDA clients increasing by 30%.
“Cork has developed as a vibrant hub for tech companies with a strong cluster of 73 International Technology Companies covering cybersecurity, IC design, manufacturing, software development, together with a wide range of global business services.
Mr Curran added: “Despite the serious disruption to business caused by the Covid-19 global pandemic, IDA Ireland’s existing base of companies demonstrated remarkable resilience while not totally immune. In 2020 more than 20,000 new jobs were created across Ireland – with more than half (52%) going to regional locations.
"Numbers directly employed in the multinational sector at the end of last year stood at 257,394. In our recently published half-year figures, IDA showed that 142 investments were won up to the end of Q2, 62 of which were new name investments.
"The associated employment potential is for over 12,500 jobs. 68 of the 142 investments – 48% - went to regional locations."
Speaking about IDA’s new strategy, Driving Recovery and Sustainable Growth 2021-2024, Mr Curran: “IDA will focus on high-value manufacturing, innovative technology solutions, and RD&I opportunities across sectors like Life Sciences, Technology and International Financial & Business Services.
“Emerging technology trends will continue to create opportunities across the region in areas such as cybersecurity, data analytics, artificial intelligence, smart manufacturing, and new approaches to working such as remote working.”
He said that global economic challenges lie ahead as competition for FDI becomes even more fiercely competitive with countries vying for such investment as a means of helping their economies to recover from the pandemic.
“Notwithstanding that, IDA will target 118 investments for the South-West region in the period 2021-2024,” he said.
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