Litmus test for capital investment will be to ensure regional job creation – Calleary

‘Capital investment needed to mitigate falling Irish competitiveness in all regions’
‘Disproportionate concentration of our economy is not sustainable for both Dublin and the regions’

Sligo News File Online

Dara Calleary, TD,  Fianna Fail.
Dara Calleary, TD,
Fianna Fail.

Fianna Fáil Spokesperson on Enterprise Dara Calleary is warning that the Government’s Capital Expenditure Plan hinges on its ability to ensure regional job creation.  While the capital expenditure programme is necessary to ensure that important projects are progressed, it is essential that the regions are not forgotten.

Deputy Calleary explained;

“In the current economic cycle, investment in capital expenditure is vital to ensure that much needed new investment is distributed to all regions, while existing FDI is retained. The fact that CSO data indicates that the Dublin region generates 42% of the total economy’s GDP is a startling reminder to Government that any perceived recovery is being disproportionately concentrated.

“Even more worrying is the fact that a two tier recovery is becoming more entrenched on the eastern seaboard with the greater Dublin area accounting for 50% of the Irish economy’s GDP.  Such a disproportionate concentration of our economy in one region is not sustainable.  To put into perspective, London accounts for 20% of the UK’s total GDP. The Irish concentration of GDP in our capital is double this.

“Competitively priced world class infrastructure such as telecoms, energy, transport, broadband and water are vital to support national competitiveness.  The National Competitiveness Council (NCC) has recently pointed to investing in infrastructural projects such as transport routes, telecoms, broadband, water services and housing, to ensure that we remain a competitive country and ahead of our competitors.

“If all regions of Ireland are to see an upswing, these latest competitiveness warnings present a clear and present danger to any long term recovery for all communities, not just a concentrated few.”