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Over €3billion capital investment in enterprise and job-creation over 2016-2021 printable version

29 Sep 2015: posted by the editor - Business, Technology, Ireland

The newly published Government capital plan aims to make available over €3billion in capital investment in projects under the remit of its Business & Employment Department over the period 2016-2021.

Published today, the plan published today allocates a total of €3.01billion to capital projects under the Department of Jobs, and represents an average annual increase of €20.6million on his Department's allocation for 2014 a year when the agencies under his Department delivered a record 19,500 extra jobs. When the arrangement on own resource income is taken into account the annual figure will be significantly higher again. (Own Resource Income refers to revenues derived from the resources of the Department and its Agencies which are available for spending by the Department, for example income from rents and returns from equity investments in companies.)

Minister Richard Bruton will outline the full breakdown of the Department's capital programme for 2016 on Budget Day. He stressed today that the allocations announced today will allow his Department and its agencies to continue to deliver the programmes of activities which have support record levels of job-creation and exports over recent years, as well as the comprehensive programme of regional jobs plans commenced earlier this year. These plans outlined a total investment of €250million in IDA business parks, advance facilities, and Enterprise Ireland regional funds.

Mr Bruton said: “Over the past three years, employment in companies supported by my Department has risen by well over 40,000 - meaning that almost half of the total increase in employment over that time has been accounted for directly by companies supported by my Department. Those companies have also delivered record exports over that time. Today's capital plan is about building on that record and bringing it to the next level—accelerating jobs growth in every region of the country, and delivering our aim of sustainable full employment.

“The allocation announced for our Department is a significant increase on the figures which have allowed us to deliver those record results. It will not mean that we will abandon the prudence and the smart use of resources that we have shown over the past four years. However it will allow us to plan for the future, secure the recovery and deliver the job-creation that will make possible everything else that we as a Government want to do over the coming years.”

Business and Employment Minister Ged Nash Nash said: “Job creation remains our number one priority in this Department and the capital programme we are announcing today will ensure that our agencies, the IDA, Enterprise Ireland and the Local Enterprise Offices have the funding they need to build on the record levels of job creation we have all worked so hard to achieve in recent years. My focus is also firmly on ensuring that the jobs these agencies are helping to create are decent sustainable jobs which enable all workers to have a decent standard of living.”

Research, Innovation and Skills Minister Damien English said: “The Government's Capital programme is an investment in future proofing the economy and building a sustainable recovery not only for business but for the Irish people. The plan will underpin our economic and social development for the years to come. This Government has protected investment in research and innovation throughout its term and we have a strong base now on which to build. Our forthcoming science, technology and innovation strategy will set the policy direction for the next phase of our investment and will complement the investment in physical infrastructure being announced today.”

Tags: job investment

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