Viridi Connection completed a interesting piece of market research recently to identify the size of the infrastructure market in Ireland between 2020 and 2025. While undertaking this research we were very impressed by the IDA and the top class marketing material they provide about why Ireland is very attractive for Foreign Direct Investors. For example Leo Clancy and his team have provided us with fact sheets identifying;
· Ireland has a proven track record as a successful location for the world’s leading high growth multinational companies.
· One third of multinationals in Ireland have had operations in Ireland for over 20 years illustrating the longevity, resilience and commitment to Ireland.
· Ireland has been chosen by;
However, what Viridi Connection discovered is that the Irish Infrastructure Market is absolutely abundant with opportunities for both local and foreign companies wishing to invest and compete for business in Ireland. For example between 2020 and 2025 we found that ;
1. The Irish Government have committed to a capital infrastructure spend of €55.3bn across Social Housing, Regional Accessibility, Strengthened Rural Communities, Dart, Metro, Higher Education, Airports, Ports, Transition to Low Carbon, Water, Health, Justice and Defence according to the National Development Plan.
2. The Datacentre Industry will spend €6.7bn on inward investment on Datacentre build according to Ireland's Data Hosting Industry 2020 Q1 Report who identify 12 Datacentres currently under construction and a further 26 with Planning Permission.
3. Viridi Connection estimates the Telecommunications Sector will spend over €1.26bn on Fibre to 954,000 Homes and Businesses throughout Ireland from investments made by National Broadband Ireland and SIRO respectively. Meanwhile in the private sector 3, Vodafone, Imagine and Eir are evolving to 5G Wireless networks predominantly in the metro and urban areas to enhance our mobile experience.
4. Eirgrid is planning an investment of €530.7m on the Celtic Interconnector spanning 575km between France and Ireland. This will allow 700MW of electricity and, provide a direct telecommunications fibre optic link to flow between the countries. This will strengthen Irelands electricity sustainability and communications security of supply into the future.
In addition, Celtic Norse intends to build the first fibre optic cable between Norway, Sweden, Denmark, Ireland (through Killala in Mayo) and the USA, enabling Norway to position itself in the hyperscale and enterprise Datacentre market.
Further, an Iceland-Ireland - UK subsea telecoms cable called IRIS is planned to land in Ballyloughrane Strand in Galway Bay within the next 2 years providing further communications infrastructure resilience for our small Island nation.
5. In Biotech and Pharma according to Tommy Fanning, head of Biopharmaceuticals & Food of IDA Ireland, in Meagan Parrish's Pharma Manufacturing article, an industry of more than 85 pharma companies (including nine of the top 10) operates over 100 facilities in Ireland. This industry has been injected with an average of about €900m in annual capital investments over the last five years leading to approx. €85bn worth of export products each year. Further investments are envisaged through to 2025.
That’s in excess of an impressive €64bn capital investment spending programme in Ireland between 2020 to 2025.
Its worth considering what the delayed timing impact COVID-19 has had upon these investment programmes and the resultant capacity constraints this has generated within the economy.
Despite the grim 2020 findings from the ESRI, Viridi Connection believes Ireland is going to be an extraordinarily busy country from mid 2021 through to 2025 years with plenty of room for optimism.
The investments above will require significant support from Local and Foreign Companies to deliver the additional capacity required and make Ireland a smart place for inward and foreign direct investment.
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