Cork Chamber urges further government investment

CORK Chamber has called on the Government to enhance existing investment and start-up investment incentives as well as broadening the entrepreneur relief in a detailed Budget 2024 submission.

“Budget 2024 represents an opportunity to build on recent government momentum and initiatives to further protect and develop the small, medium, and large Irish private enterprises that are the cornerstone of our successful Irish economy,” Cork Chamber president Ronan Murray said.

Cork Chamber also called for additional and specific investment to establish a dedicated fund to enable Cork’s 2030 climate neutrality journey. Cork and Dublin have been designated as EU mission cities, and defined financial support would help with achieving these targets, they said.

Mr Murray stated that a specific fund for climate neutral cities would offer a range of benefits including infrastructure, public transport, and housing as well as achieving the outlined climate targets.

“The benefits of such a fund would be felt in areas such as infrastructure, public transport, energy, and housing which all require sustainable solutions, not only from a climate change perspective, but also to further propel our city forward and increase its attractiveness from an FDI and talent perspective.”

Meanwhile, Cork Chamber CEO Conor Healy said that it’s important that the government implement the necessary supports in order to meet the 2030 target.

“A renewable energy taskforce for Cork and investment in Ireland’s ports is crucial for Ireland to reap the economic and environmental benefits and transform this potential to reality,” he said.

“In addition, continued and accelerated investment in Cork’s urban and transport infrastructure is required to meet the growth and climate needs of the city region, including the accelerated development of suburban rail and light rail, the delivery of Bus Connects, the delivery of key road network improvements, and the delivery of key urban developments in the Cork City Docklands,” Mr Healy added.

According to the Chamber, Budget 2024 has the opportunity to further ease the inflationary pressures being placed on businesses and households while also positioning Ireland as an attractive place for investment and talent.

Their pre-budget submission highlights the need for increased capital spending versus current spending to invest in key infrastructure across housing, transport and energy.

Challenges in the housing market which are resulting in the current lack of supply are also addressed. In particular, Cork Chamber has called for the extension of the Croí Cónaithe Cities scheme to the rental market which would contribute to the viability of rental apartments.

“Recent initiatives by Government are welcome, however continued focus is required as housing still remains a top concern for our members. In addition to the extension of the Croí Cónaithe scheme, a further increase to the income thresholds for the Cost Rental scheme and index linking them would ensure the market is accessible to all cohorts,” Mr Healy added.