Paschal Donohoe

Last week, The American Chamber of Commerce Ireland launched the results of its quarterly FDI Insights survey. This survey highlights the views of members on Ireland as an investment and growth location. Key findings of AmCham’s FDI Insights survey include: - 97% of respondents said that Ireland is competitive when compared to other advanced global economies. - 56% said they expect the number of employees in the Irish operations of their organisation to increase over the next 12 months. - 9 in 10 said their corporate headquarters have a positive view of Ireland as an investment or growth location. - 40% said housing is the most important challenge for Ireland to overcome for their company to invest and expand here. 19% identified cost competitiveness as the most important challenge with 12% saying skills shortage was the number one challenge. - 52% of respondents said Ireland’s highly educated and skilled talent pool is its main competitive advantage. Full detail on the key findings from this survey are available here: https://lnkd.in/e2ZVJUcT

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How can Ireland meet its infrastructure needs? Ireland has significant infrastructure needs, particularly in the areas of health, transport and housing. Balancing large scale investments in these areas, while not overheating the economy is a key challenge in the coming years. Choices will need to be made between ramping up infrastructure spending, tax cuts and current spending increases. Doing all three at once would add demand to an economy that is already running at full tilt. A key capacity constraint is attracting workers in the construction sector. With an economy already at full employment, inward migration and more apprenticeships and training seem like the most promising avenues. I addressed these themes while speaking at The National Infrastructure Summit The pictures never reflect how nervous you are feeling in front of an audience!!

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How can Ireland address its infrastructure deficits ❓ Yesterday, the National Competitiveness and Productivity Council launched its main assessment of Irelands competitiveness. A key challenge identified is shortages in infrastructure. This is most acute in housing, energy and water. These deficits have arisen as the Irish economy and population has grown strongly in recent years, with infrastructure not keeping pace. Addressing these shortfalls in infrastructure will require sustained high investment for many years. As well as addressing these deficits in infrastructure, large investments will be needed to transition to a net-zero carbon society. The main difficulty in increasing investment in these areas is a shortage of workers, not a shortage of funding. The Irish economy is performing well, and unemployment is at record lows. As a result, there are very few unemployed construction workers that are available to work on these projects. Two avenues can be pursued to increase the supply of construction workers in Ireland. First, training and apprenticeships in Ireland can produce workers for the sector. This takes time however and will only produce a fraction of the workers required. The second avenue is migration. Ireland's last investment boom was facilitated by inward migration from eastern Europe. This time around a mixture of EU and non-EU migration may be required. This morning I discussed this on Newstalk breakfast with Ciara Kelly: https://lnkd.in/eVpy-7QS

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Today, Fine Gael launched our manifesto for #GE24, setting out our stall in how we will continue to invest in our economy & provide for our people, putting money back in your pocket, improving public services & securing your future to deal with unforeseen events. More here 👉 finegael.ie/manifesto

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Delighted to see the announcement today from the Department of Finance Ireland that Jack Chambers T.D, Minister For Finance signed the commencement order to officially establish the Future Ireland Fund and Infrastructure, Climate and Nature Fund. The #Future Ireland Fund will help deal with future expenditure pressures including ageing, climate, digitalisation and other fiscal and economic challenges. Its purpose is to support in a consistent and sustainable manner, State expenditure from 2041 onwards. The #Infrastructure, #Climate and #Nature Fund will seek to deal with the pro-cyclicality of public spending and to assist with climate change objectives and nature, water quality and biodiversity issues. The Fund will provide for resources for spending in a future downturn to support expenditure through the economic and fiscal cycle and to support designated environmental projects. #IrishFunds #SustainableFinance #ESG #Governance #Finance #digitalisation

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It’s been 3 long years since the North-South Ministerial Council last met to discuss Trade & Business Development, so there was a lot to catch up on today in Armagh. Minister Peter Burke from the Irish Government and Minister Conor Murphy from the Northern Ireland Executive discussed how InterTradeIreland has supported 57,000 small and medium enterprises across every county in Ireland. Ambitious plans for the future include developing all-island clusters and supply chains, investing in the circular economy and supporting female entrepreneurs. In a major vote of confidence for the work of this North-South Body, its staffing complement has been increased by over 50% to 62 posts (admittedly the first increase in its 25 year history). Pictured with the two Ministers are Northern Ireland Junior Minister Pam Cameron, Kerry Curran from the Department for the Economy NI and myself representing the Department of Enterprise, Trade and Employment

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CBI Authorisations and Gatekeeping Report Edition 1: The Central Bank of Ireland have published their first edition of the “Authorisations and Gatekeeping Report”. In the Report’s foreword, CBI Deputy Governor Sharon Donnery states “Through this new report, we are providing further transparency to all stakeholders. The report sets out how we discharge and continue to refine our authorisation mandate by: - Providing information on our authorisation framework and risk appetite;  - Explaining our priorities and expectations of applicant firms;  - Providing insight into the operation of the F&P regime; and  - Outlining the key challenges that we see for firms seeking authorisation.” Read the report in full here: https://lnkd.in/dUqp3NdS   #CentralBank #Authorisations #Compliance 

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Welcomes National Broadband Plan connection available for Galway homes near Portumna. I have been informed by National Broadband Ireland (NBI), the company delivering the new future-proofed, high-speed Fibre-to-the-Home network under the National Broadband Plan on behalf of the Government, has said that over 3,007 Galway properties in its Duniry deployment area can now avail of a high-speed fibre broadband connection. The area covers the rural surrounds of Portumna, Abbey and Killimor in the Duniry deployment area. 40,000 premises in Co Galway are included in the State’s Intervention Area, which will see NBI deliver minimum speeds of 500 megabits per second to homes, businesses, farms, and schools. “I welcome the progress being made as this is the biggest investment in rural Ireland since rural electrification. County Galway will receive €153M of Government investment under the National Broadband Plan. The Plan will be a game changer for rural Ireland, and I am delighted that the actions I took when Minister of State in the Department of Communications are reaping the rewards for rural Ireland”. There are 3,007 Galway premises in the Duniry deployment area deployment area that can now join the National Broadband Ireland network. National Broadband Ireland is calling on people living nearby to visit nbi.ie/map/ and enter their Eircode to see if they are ready to connect. “Works have already been completed for over half of the premises included in the National Broadband Plan in Co Galway as a total of 21,836 premises can now pre-order or order high-speed, reliable broadband. There have been 7,291 connections made so far across the county. Works are also continuing across Galway as over 1,200 premises near Maam have recently moved through the network build phase, while survey works have been completed for almost 2,800 premises in Belclare”. Signing up to the NBI email notifications at https://nbi.ie/eoi/ is the easiest way to get the most up-to-date status of premises during the rollout and when premises will be ready for order. So far the roll out is now over the half-way mark as over 21,700 homes, businesses and farms in Co Galway can now order a high-speed fibre connection to the National Broadband Ireland network. This includes: •   Over 2,500 near Ballinasloe •   Over 2,500 near Gort •   Almost 2,500 near Loughrea •   Over 1,500 near Gurteen •   Almost 2,600 near Athenry •   Almost 800 along the Roscommon County border and now over 3,000 near Portumna As a wholesale network operator, NBI does not sell fibre broadband directly to end users, rather it enables services from a range of broadband providers or Retail Service Providers (RSPs). As a wholesale provider, NBI will make the new Fibre-to-the-Home network available to all RSPs operating in the Intervention Area. https://lnkd.in/eXsN9XHZ

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This Plan aims to combat the economic & social effects of COVID-19 & make the 🇪🇺 economy more resistant to future shocks while facilitating the green transition which is so important; a real concrete symbol of European solidarity in action. Good news today

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New Quarterly Bulletin Signed Article published this week with Central Bank of Ireland colleagues. In the paper, we outline how budgetary policy has a key role to play in maintaining sustainable growth while at the same time addressing structural challenges in the economy. Our analysis shows that significant public investment above existing plans will be needed to ensure Ireland can meet its legally binding emissions reduction targets by 2030. To help create the economic capacity to absorb the necessary rise in public capital spending, additional public investment should be accompanied by offsetting revenue-raising measures. Policy should aim to reduce inefficiencies in the planning and delivery of capital projects to improve value for money and ensure the benefits of public investment for long-term growth are fully realised. https://lnkd.in/eJN5XV2H

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The latest results of the Study are fascinating - the data published today again highlights the value of An Coimisiún Toghcháin’s National Election and Democracy Study, a longitudinal survey which will paint a rich and accurate picture of voters and voter experience in the years ahead. The results of these surveys will capture developments in people’s thinking about democracy over time and will make a serious contribution to the debate on further electoral reform in this country…..

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New research from Sustainable Energy Authority of Ireland (SEAI) which measures how much energy Ireland uses and where it comes from, shows we need to get out of our cars and consider our air miles more if we are to reduce our dependency on fossil fuels. Ireland is one of the most fossil-fuel dependent countries in Europe and if we want a cleaner and healthier future this has to change.

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What does the 🇮🇪 Irish Budget mean for local government? LGIU’s on-the-day Budget analysis, from Ireland Commissioning Editor Sean O'Riordan, focuses on the implications of today’s announcements for the local government sector. With a record level of funding promised from the National Exchequer for 2025, the Budget initially appears to be a game-changer for government spending. However, a closer look suggests a more measured approach. The devil is in the detail of the budgetary framework - explore all the relevant details of the 2025 Budget in this LGIU member-exclusive 🔒 briefing below. https://zurl.co/qV3w Thomas Lynch Freya Millard Beatrice Makeig

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The over-reliance on commercial rates by local authorities is unsustainable and particularly burdensome for Dublin businesses. This leaves the business community feeling that their needs are not being met despite accounting for approximately 30-46% of local authority income.   Dublin Chamber therefore advocates for: • A more balanced revenue approach, reducing reliance on business rates • Modest LPT variations with additional revenue invested in local infrastructure • All LPT raised in Dublin to be retained and reinvested locally   Read our local election priorities report here – bit.ly/4brHCIx   Have comments or feedback? Please get in touch by contacting [email protected].   #VoiceofDublinBusiness #LocalElections #Competitiveness

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Good news on EU funding for Ireland, the aim of which is to combat the economic and social effects of the Covid-19 pandemic, to make the European economy more resistant to future shocks & to make Europe independent of Russian fossil fuels & accelerate the Green transition. Funding delivered through the Recovery & Resilience Facility facilitates schemes and projects, including the commencement of retrofit works under the Public Sector Buildings' Energy Retrofit Programme, the signature of the contract for the building of the Government data centre and the connection of schools to the broadband network. REPowerEU is the EU’s plan to boost the independence and security of the Union’s energy supply and will advance the upscaling of a Biomethane Industry in Ireland, the expanded School Sector Pathfinder decarbonisation and retrofit programme, as well as the Offshore Renewable Electricity Support Scheme (ORESS). This is EU solidarity in action. https://lnkd.in/e5x6ekdT

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