Ocean race spin-off to lift Galway out of recession

Date Published: 23-Jun-2011

BY ENDA CUNNINGHAM

Business leaders in the city have said they are confident of significant spin-off investment – with the potential for hundreds of new jobs – when up to 6,000 corporate VIPs visit Galway for the ‘grand finale’ of the Volvo Ocean Race next year.

And there have been forecasts that Galway will be the first city in Ireland to recover from the recession, thanks to the potential investment, as well as the predicted €80 million direct boost to the local economy from the race.

Michael Coyle, CEO of Galway Chamber of Commerce said: “If anything, our expectations are even bigger and better than 2009. It is now a proven product and event.

“It will give a presence to the corporate world here. There is talk of around 6,000 corporate guests, who are major players worldwide, and there will be a specific emphasis of a business-to-business dimension. It will be an opportunity to showcase Galway to that community and for the business community in Galway to participate.

“This absolutely has the potential – against the backdrop of how the world economy is going at the time – to kickstart Galway’s economy. Not just through the €80m immediate financial impact of holding the 8 to 10 day event, but it has the potential to be a very significant event in terms of direct revenues and long-term corporate involvement.

“Corporate decision-makers will come to Galway next year and see the talent pool, the graduate pool, the medical devices cluster, the ICT (Information and Communications Technology) cluster, marine development and green technology.

“2009 was a stopover, so not all of the teams and sponsors were here. Despite the fantastic results, there was probably only 60%-70% in terms of corporate sponsors.

“With an immediate impact of €80m, the long-term benefits are there to be won as well. The Ocean Race can only be hugely positive for Galway,” said Mr Coyle.

The 10-day ‘grand finale’ will run from June 28 to July 7, and will see a ‘Global Village’ – twice the size of 2009’s Race Village – constructed at the Docks, with a further structure at South Park and events in Salthill also.

­The event is expected to attract around one million ‘visits’ to the Global Village, which equates to around 600,000 visitors to the city.

For more on this story, see the Galway City Tribune.