Ibec calls for strategic investment to unlock new opportunities for Clare and the Mid-West

REPRESENTATIVES of several Clare businesses and local TDs attended a recent pre-budget event hosted by Ibec, the organisation representing Irish businesses.

The briefing on business priorities for the Mid-West region took place at the Analog Devices facility at Raheen in Limerick.

During the meeting, Ibec’s Mid-West members highlighted the urgent need to address capacity constraints through infrastructural and social investments so that the region can continue to capitalise on new investment opportunities.

Additionally, Ibec says rising business costs stand among the primary concerns for members in the Region as Budget 2024 looms. Ibec is urging the Government to support businesses affected by significant new labour market costs, such as the Living Wage and Pensions Auto Enrollment.

Helen Leahy, head of regional policy at Ibec, commented: "Leading up to Budget 2024, Ibec has advocated strongly for allocating a significant portion of the growing budget surplus to establish a new National Infrastructure Fund. This fund aims to address Ireland's substantial social, economic, and environmental infrastructure needs. Ibec believes that delaying short-term investment to prevent overheating will hinder future economic expansion and negatively impact Ireland's long-term competitiveness. One of the most effective ways to stimulate regional economies, such as the Mid-West, is through infrastructure investment encompassing housing, education, broadband, and connectivity.

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Ms Leahy added that Ibec believes there is a strong case for extending the scope of the Regional Airports Programme to include a continuation of financial support to Shannon.

"Support in 2024 and beyond under the Programme will be crucial. Given the anticipated rise in population throughout the region, the importance of Shannon Airport for global connectivity remains crucial for future growth. The success of the Mid-West region has established itself as a global hub in many sectors such as advanced manufacturing. The fusion of indigenous businesses with the attraction of global brands has been core to the region's thriving economy. However, the decisions we make now will determine the region's ability to attract the next wave of investment, with Limerick and the surrounding area primed to capitalise on areas like AI and Industry 4.0, among others."

In its pre-budget submission Ibec says the Mid-West region must future-proof its talent pipeline, particularly in digital proficiency, climate action, and Industry 5.0.

"This is why Ibec urges Budget 2024 to unlock the €1.5 billion surplus from the National Training Fund to help cultivate essential 21st-century skills," added Ms Leahy 2026."