News Release -
“Strong regions are vital for national economic recovery,” says Dr. Vincent Cunnane, Chief Executive, Shannon Development
Shannon Development sets new future direction and focus
“Strong regions are vital for national economic recovery. Shannon Development is working to mobilise the full potential of the Shannon Region, with its pivotal position on the western seaboard, to contribute to this recovery and stimulate future growth,” said Dr. Vincent Cunnane, Chief Executive, Shannon Development, speaking at the publication of the Company’s 2008 annual report today (Monday 13th July ’09).
Commenting on the benefits of a strong regional development approach to securing future economic growth, Dr. Cunnane said, “We believe that our regional development model, with its joined up approach to delivering clear economic benefits, is a blueprint that could be adopted in other regions around Ireland. As a regional economic development agency, Shannon Development has a unique ‘added value’ dimension. We operate in different sectors to generate regional benefits that cannot be delivered under the traditional centralised single sector approach to economic development.
An example of this approach in practice is our work on broadband. In today’s smart economy, good broadband connectivity is vital and in 2008 the Company completed an €18.5 million investment to accelerate broadband penetration. As a result, with key partners around the region, we have made broadband connectivity a reality in eight Shannon Region towns and Limerick City.
Shannon Development has always had a policy of investing ahead of demand and we will continue to focus on this into the future. For example, in 2008 we invested over €11 million on key building projects around the region as part of our strategy to provide a range of leading edge business and property solutions for indigenous and foreign direct investment companies. This will ensure that the Shannon Region is best positioned to take advantage when the global economy recovery begins.
We currently manage 57 technology/business parks and industrial estates around the Region offering property solutions for industry. A key example is the Shannon Free Zone (SFZ) which employs over 7,000 people in over 100 companies. SFZ performed well in 2008, despite the difficult economic climate, creating 576 new jobs, and seeing the announcement of a €50 million investment and the creation of 250 new jobs by Zimmer, supported by Shannon Development,” said Dr. Cunnane.
“Securing Ireland’s future energy needs is critical and Shannon Development has worked to secure a €500 million Shannon LNG project for the Company’s Kerry Deep Water Zone in Ballylongford, Co. Kerry. This project has the potential to provide up to 60% of Ireland’s project future gas needs. We plan to intensify our focus on securing further energy solutions in the future,” he said.
Highlighting the Company’s activities in its role as Tourism Authority for the Shannon Region, he said, “We assist in the development of new and existing visitor attractions and engage in strategic marketing to make the Shannon Region a must-visit location for tourists. Among our marketing and sales initiatives, we undertake extensive e-marketing campaigns, attend international trade and consumer tourism promotions world-wide, and devise advertising and PR campaigns on behalf of the Shannon Region’s tourism industry.”
During 2008 Shannon Development succeeded in signing 35 major tourism marketing agreements with key travel companies world-wide. These initiatives resulted in over 426,000 additional bednights for the Shannon Region and boosted visitor spend in the area by over €43 million.
The Company undertakes tourism product development and works closely with private sector promoters and investors on a range of tourism product initiatives. Since 1989 alone Shannon Development has assisted companies to develop a range of visitor attractions and tourism infrastructure around the Shannon Region valued at over €600 million. A new €2million tourism trails programme to encourage the development of a series of visitor trials around the Shannon Region is one of the latest Shannon Development tourism initiatives.
Pictured at the launch of Shannon Development’s 2008 Annual Report are (l-r) Dr Vincent Cunnane, Chief Executive, and John Brassil, Chairman, Shannon Development
50 years of innovation
“2009 marks the 50th anniversary of Shannon Development and looking back over those 50 years of delivering regional development for the people of the Shannon Region, the benefits of a regional development agency are readily apparent,” he said.
Throughout its history Shannon Development has been synonymous with pioneering innovations and world’s firsts including:
- The world’s first Industrial Free Zone (Shannon Free Zone) which Shannon Development established next to Shannon International Airport.
- The construction of Ireland’s first new town – Shannon.
- Establishing the world’s first mediaeval banquet at 15th century Bunratty Castle, Co Clare, which today remains one of Ireland’s longest running dinner entertainments.
- Shannon Development assisted in the foundation of the University of Limerick, and the establishment of Ireland’s first technology park - The National Technology Park next to the University of Limerick. This ensured that there would be strong linkages between the University’s highly educated graduates and the industries being established on their doorstep.
- The Company undertook the first national pilot programme for the development of small and medium sized enterprises, and established one of Europe’s first business innovation centres in Limerick for indigenous high technology firms.
“The current economic storm poses new challenges for our Region, Ireland and the global economy. One of the greatest of these will be to ensure that every part of our region is developed to its full potential. We know that businesses today are operating in an unprecedented economic environment, but they can be assured that Shannon Development will play its part in developing the wider infrastructural requirements throughout the Shannon Region to meet demands of this new highly challenging economic era.
To this end we have undertaken a Company wide restructuring to ensure that we are fit to meet these challenges. We are currently devising a new strategic plan which will chart a new future direction and focus, and identify key projects and initiatives for Shannon Development to ensure that it best serves the economic needs of the Region. We are pleased to be making our contribution to the Mid West Task Force whose interim report is now with Government.
We will be unveiling this plan in the Autumn. Among the key themes under this process are: Expanding the Region’s sustainable energy capability; Implementing key strategic projects of impact and scale; Leveraging our property portfolio to enable further enterprise and regional development; Establishing a tourism innovation platform. With the collective energies of the Region clearly focused on exploiting the differential advantages of this Region, we know that even greater results can be achieved in the future.
A regional development approach is a more integrated and effective way of getting things done. Shannon Development is committed to accelerating its regional development approach and continuing to come up with innovations to achieve maximum benefit people in every corner of the Shannon Region,” concluded Dr. Cunnane.
Speaking at the launch, John Brassil, Chairman, Shannon Development, said, “As we head into another chapter in the region’s overall development, we face and welcome the challenge of empowering and positioning this region to become a leader in building Ireland’s Smart Economy. Management and staff at Shannon Development have always been committed to the principle of integrated regional development as a driving force for growth.”
Notes to Editor
2008 Annual Report - English.
2008 Annual Report - Irish.
SHANNON DEVELOPMENT – KEY HIGHLIGHTS FOR 2008
- Shannon Free Zone (SFZ) performed well in 2008 against a difficult global business environment. Companies there generated €3.5 billion in sales & spend €742m in services
- SFZ companies create 576 new jobs and increase R&D expenditure by 10% to €44 million
- Completion of €18.5 million Broadband Network
- Shannon Development invests €11 million in property solutions for foreign and indigenous companies
- Shannon Development tourism initiatives produce significant results - 32 tourism deals signed, an extra €43m visitor spend & 426,000 bed nights
- Second E-Town project to be completed in ’09, bringing Shannon Development’s investment in E-Towns to €7 million
- Shannon Development’s Knowledge Network business & technology parks
End
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