Ambitious Capital Investment required for Cork

Funding, Planning and Appeals Mechanisms must be Reformed for Delivery

If Cork is to remain globally competitive and fulfil its role nationally as set out in the National Planning Framework (NPF), significant Government investment that is focused and targeted to unlock the region’s potential is required. In a recent submission to the National Development Plan (NDP) review, Cork Chamber recommended a ‘most ambitious’ approach must be taken to capital investment spending for the region.

The Chamber identified priority areas for capital investment focussed on quality of life and economic resilience including the Cork Metropolitan Area Transport Strategy, regional and international connectivity, housing, health, culture, education & innovation, renewable energy, water, and climate mitigation to secure the region’s global competitive standing.

Paula Cogan, CEO of Cork Chamber said: “If Cork is to fulfil its role as an economic growth centre for Ireland, government must align capital investment with the National Planning Framework (NPF) and the goals set out in Ireland 2040. There is no shortage of vision or ambition for Cork, and it is the role of government to now ensure that the plans are met with appropriate financial structures. From CMATS to the development of new hospital infrastructure, the demands of a region on a clear growth trajectory must be met with vigour.”

“In the wake of the current pandemic, and the infrastructural deficit created by the severe austerity measures triggered by the 2008 economic crash, it is essential that investment in capital projects continues to be increased to meet capacity constraints. There is also significant economic stimulus associated with capital expenditure, providing the most proactive and legacy inducing form of government support available.”

Conor Healy Cork Chamber CEO said “Failure to invest appropriately, will lead to serious capacity constraints that will damage economic resilience and recovery. Priority given to capital expenditure would also support the NPF objective of delivering infrastructure-led development. This approach would provide Ireland with an opportunity to apply international best practice to the development of our cities and towns as attractive places to live.”

In alignment with the NPF, the NDP provides spatial and investment policy certainty to the region, creating a predictable environment in which commercial investment decisions can be made. However, delays in the delivery of significant projects damage business confidence.

Conor Healy commented further “Government must now acknowledge impediments to the vision of Ireland 2040, such as apartment viability and affordability, suitable water infrastructure, planning and the speed of appeals mechanisms. At the same time it must progress solutions, as delivery on the ground is the benchmark that matters. Without this, the credibility of the plan will be undermined over time.”

The announcement of €353.4m for the Cork Docklands, €46.05m for Grand Parade Quarter, €4.7m for Mallow Town Centre Regeneration and €817,500 for Passage West-Ringaskiddy-Carrigaline Harbour Cluster are hugely significant for the metropolitan area and it is essential that the NDP continues to offer the highest levels of support over the next 10 years.