Business
Galway City grows as industrial hub
A series of important collaborations were formed and maintained by the IDA during 2014 which will help grow Galway’s profile as a hub for some of the world’s biggest companies.
In November, NUI Galway was announced as the lead in a new national medical device research centre, CÚRAM, which will design and create implantable ‘smart’ medical devices to deliver therapeutic agents where needed.
Cutting-edge science will develop the very latest research from biomaterials, stem cells and drug delivery. Devices will be developed with strong clinical collaborations and with industry partners and hospital groups and will strengthen Ireland’s standing as a major global hub for medical device sector research and development.
CÚRAM brings together researchers from NUI Galway, UCD, DCU, UL, UCC and the Royal College of Surgeons in Ireland. The centre will include almost 40 industry partners and support product development and the creation of new spin-out companies.
“We work very closely with NUIG and it is especially significant that CÚRAM will be led by NUIG and based in Galway which is the centre of a very advanced globally competitive medical device hub and which can only be strengthened by the presence of this new world class research centre and this is very welcomed by IDA,” said Catherina Blewitt, the IDA’s Head of Regional Development, West Region.
In November, Jobs, Enterprise and Innovation Minister, Richard Bruton, visited Galway as part of an Irish Trade and Investment Mission – the first of its kind in Ireland.
“The objective was to maximise procurement opportunities for Irish companies with Ireland-based multinational companies. As part of the Action Plan for Jobs, Enterprise Ireland and IDA Ireland are working together to deliver more sales for Irish companies out of the global supply chains of multinationals based in Ireland.
“The Galway event was a huge success and gave a number of Galway/West Region Irish companies the opportunity to engage directly with Irish-based multinational companies,” said Ms Blewitt. She went on to stress the importance of the Galway Science & Technology Festival, which takes place each November.
“IDA along with a number of FDI (Foreign Direct Investment) companies such as Medtronic, Cisco, Fidelity etc are sponsors of this along with other bodies and very much support this festival as it brings shows and workshops to primary and secondary schools throughout Galway City and county engaging the students and nurturing their interest in the STEM subjects.
For more, read this week’s Galway City Tribune.
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
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