“Acceleration of growth and economic activity in the Shannon Region and along the Atlantic Corridor is critical if we are to achieve the national goal of balanced regional development” said Kevin Thompstone, Chief Executive, Shannon Development, when launching the Company’s 2005 Annual Report in Limerick today (Tuesday, 4th July 2006).
Speaking on the Company’s results, Mr Thompstone said 2005 was a year of solid progress. Highlights included:
Building on these strong results for the Shannon Region, and looking to the future, Mr Thompstone said “Ireland’s economy would benefit from greater cooperation and deepening of economic, physical, cultural and educational, linkages among the cities, towns and regions in the Atlantic Corridor. The concept of economic corridors has won wide acceptance internationally, with new policies being developed in Europe whereby cities, towns and wider rural areas can achieve far more by working together in networks than by working in isolation”.
“A transformation needs to take place in how the individual cities towns and rural areas in the Atlantic Corridor are viewed, by themselves as well as by the private sector and government departments and agencies. Developing a new approach to planning for and delivering world class infrastructure links along the Atlantic Corridor is a critical first step towards achieving this transformation” said Mr Thompstone.
“The forthcoming National Development Plan (NDP) provides an ideal platform for defining and prioritizing the goals and actions to deliver National Spatial Strategy objectives at regional level in the medium term. Concrete plans for developing the economy of the Atlantic Corridor must be included and clearly spelled out in the next NDP” said Mr Thompstone.
“Specific actions that should be included are fully resourcing Shannon Airport to be debt free and independent, accelerating infrastructure delivery so that the Airport’s catchment area is expanded significantly, the undertaking of a multi-million multi-annual tourism campaign to promote Shannon as the regional gateway, accelerating broadband connectivity in the region, and developing an international conference centre in the Limerick/Shannon area”
“The recent announcement of the Government’s new Strategy for Science, Technology and Innovation, adds further impetus to calls for a regional response. The Atlantic Corridor, with its well established universities and institutes of technology, is well positioned to play a key role in the new national strategy. Shannon Development has also provided an infrastructural response through its network of five technology parks in the region linking knowledge and enterprise. The challenge now will be to build centres of research excellence in the Atlantic Corridor that will grow and sustain the new knowledge-based enterprises of the future”.
Turning to Shannon Development’s role in delivering economic growth in the Atlantic Corridor, the Chairman of Shannon Development, Mr Liam McElligott, said “We see our role as integral to the national drive to build a knowledge driven society and economy in Ireland. Our specific focus is on the Shannon Region, which we believe can become a hub of development activity at the centre of the Atlantic Corridor and a key instrument for delivering the national policy goal of better balanced regional development”.
Mr McElligott added “The key priority for Shannon Development over the coming years will be delivering on the new mandate given to the Company by Government. Our strategy will be to maximise the economic development potential of the Shannon Region, and thereby contribute to the development of the emerging Atlantic Corridor economic counterpole to the East Coast”.
Mr Thompstone continued “Shannon Development will deliver on its key goals by using the Company’s extensive property portfolio, located throughout the region, as a lever to provide the economic development infrastructure that is essential for regional development. The Company already provides an extensive range of property solutions and facilities for foreign and indigenous industry in the region. For example, Shannon Development recently granted an option on part of its 600 acre Ballylongford/Tarbert landbank for a €300m LNG proposal, which could provide high quality local employment and secure Ireland’s energy supplies”.
Speaking on the Company’s tourism development activities, Mr Thompstone said “We will use our reconfirmed mandate, as Regional Tourism Authority for the Shannon Region, to drive tourism development in the region, and to deliver on our mandate to develop the less developed areas of our region. By its nature, tourism development tends to be located in otherwise less developed areas and can therefore be the catalyst for further economic development in these areas. For example, the development of an international golf resort in Doonbeg, Co Clare, which was initiated by Shannon Development, has already resulted in €150m investment in the West Clare economy”.
Mr Thompstone concluded “Building on the Company’s proven track record, we will continue to work with our partners to build strategic partnerships and networks aimed at delivering a shared regional vision. We will continue to research and initiate pioneering development projects that have the potential to generate significant economic impact regionally and nationally. While significant challenges remain, we are ready to meet these challenges and deliver on our new regional development mandate in the years ahead”.
Nandi O’Sullivan
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