News Release -
ECONOMIST JIM POWER CALLS FOR MORE INVESTMENT IN THE MID WEST
“It time to get real about balanced regional development and not just to pay lip service to the issue. As we face a population explosion in the next 20 years, now is the time to invest in a range of initiatives to achieve balanced regional development and ensure an ability nationwide to absorb, and more importantly capitalise on, this population growth” says economist Jim Power.
“One of the characteristics of Ireland’s recent economic development has been the unbalanced nature of economic growth and development – with a disproportionate amount of development concentrated on the East coast. If this pattern continues the East coast is in danger of imploding and not being able to cope with the resultant demands,” he says.
“To ensure balance regional development, the Irish Government has put in place a number of official policy frameworks, designed to achieve more balanced economic development. The three key policy framework documents are the National Spatial Strategy 2002-2020, Transport 21 and the National Development Plan 2007-2013, which is the successor to the previous plan,” he explained.
“An analysis of regional economic data would suggest that only limited success has been achieved to date. On examining the regional distribution of disposable income per person disposable incomes in the Mid-West region are 3% lower than the national average and 13.6% lower than the highest region, Dublin. However, the Mid-West is still 7% better off than the Midland region, and in fact is the third highest region in the country,” he added.
“Continued ongoing investment in access – by that I mean transport infrastructure such as ports, airport, rail and road are critical for the Mid-West economy. Also critical for the region and Ireland generally will be a competitively prices power supply, without this economic and commercial activity will be in jeopardy. Broadband infrastructure will be another key business and economic enabler. Access to high speed broadband is an essential ‘must have’ on every investors shopping list. A highly skilled flexible workforce is a prerequisite to many FDI companies in their search for a new base. If any of these basic requirements are missing or weak in a region, then it puts that area at a huge disadvantage. This is why it is vital to continue to invest in these key economic drivers,” he said.
Mr. Power will speak further on the measures needed to deliver balanced regional development when he addresses a national Shannon Development conference titled ‘Dynamic Regions – Future Directions in Regional Development’. An expert panel of national and international speakers, leaders in their fields, has been assembled by Shannon Development for their forthcoming conference which will take place on the 6th November at Thomond Park Stadium in Limerick City.
The Conference will be chaired by Broadcaster John Bowman, and addressed by Mary Coughlan TD, Tánaiste and Minister for Enterprise, Trade & Employment, and Dr. Vincent Cunnane, Chief Executive, Shannon Development, Ireland’s only regional development company.
“Shannon Development has been in the business of regional development for the past 50 years and as Ireland’s only regional development agency we have a unique view of the regional development landscape and challenges facing the Shannon Region. Our conference provides an opportunity to share and learn, and we have assembled some of the leading experts in the field of regional development to reflect its growing importance on the economic world stage. Our speakers will tackle a number of important topics that will provide the lead to influence future regional development planning,” said Dr. Cunnane announcing the conference.
The Conference will attract key decision makers and policy influencers who have an interest or involvement in regional development in Ireland and Europe. Private sector and industry leaders concerned with public private initiatives in regional development will also attend the conference.
For further details on the conference contact: Bernadette Kelly Tel: 061-710433 email: kellyb@shannondevelopment.ie or access the Conference website at www.ShannonDevelopment.ie/DynamicRegionsConference
Economist Jim Power
About Jim Power
Jim Power is Chief Economist with Friends First. Mr. Power joined Friends First Group in 2000 as Chief Economist. He previously worked as Chief Economist at Bank of Ireland and Treasury Economist at AIB Group. He lectures part-time on the Executive BMA programme at Dublin City University.
About Shannon Development
Shannon Development is Ireland’s only dedicated regional development company. The Company was originally set up to promote Shannon International Airport, and over the years this remit has grown. 2009 marks the Company’s 50th anniversary and over this time it has delivered a range of economy benefits for Shannon Region on Ireland’s west coast. For more visit www.ShannonDevelopment.ie
Conference Speakers
- Welcome address by Dr. Vincent Cunnane, Chief Executive Shannon Development.
- Opening address by Mary Coughlan TD, Tánaiste and Minister for Enterprise, Trade & Employment.
- Christina Diegelmann, Assembly of European Region, representing 270 regions in 33 countries.
- Rob Whitehead, Head of Strategy from the London Development Agency who is charged with implementing a new economic strategy for London.
- Professor Jim Walsh, Deputy President and Vice-President for Innovation at NUI Maynooth.
- Brendan Bartley Lecturer in Urban Geography and Planning at NUI Maynooth.
- Jim Power, Chief Economist, Friends First.
- Niall Cussen, Department of the Environment, Heritage and Local Government.
- Conor Skehan, Futures Academy, Dublin Institute of Technology, who will talk about the driving forces of change that will shape territorial developments through the decades to come.
- Bernadette Connaughton, University of Limerick, who will talk about top-down approaches to regional development.
- Kevin Terry, Cork City Council, who will present a case study on the Cork Area Strategic Plan.
- Dr. Eoghan O’ Leary, University College Cork, who will talk about how regional policy must be a tool for economic competitiveness.
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