Inward Investment

Objective

To utilise regional identity and character in encouraging the location and development of clean technology and natural resource initiatives in the region.

 

Strategy

·        Identify key components of regional character and identity that underpin economic development.

·        Capitalise on IDA dispersal policy to attract inward investment.

·        Use local excellence, innovation and lifestyle elements in promotion of region as an investment location.

·        Utilise the development of the West Cork Technology Park and the profile of the Fuchsia Brand initiative as core development drivers.

·        Promote the suitability of the region as investment location for companies re-locating from urban areas.

Text Box:  
A copy of the material used in promoting the West Cork Technology Park can be found in Appendix 7

Indicative actions

-          Build on initial research undertaken in the pilot programme in order to develop a Quality of Life Index which would identify and assess the key parameters integral to a comprehensive socio-economic analysis of the region

-          Utilise the Quality of Life Index to benchmark the region in socio-economic terms against other selected rural investment locations.

-          Utilise the Quality of Life Index for the promotion of the region, particularly focussing on attracting overseas and the re-location of indigenous investment

-          Document and promote the active skills within the region, emphasising in particular the disciplines, expertise, IT and language skills that support the development of local Internationally Traded Services.

-          Promote the region as a cradle of innovation, artistic expression and technical excellence  

Indicators & Targets

-          Number of overseas enterprises establishing commercial operations in the region

-          Value of IDA investment to the region.

-          Use of Quality of Life Index in formal marketing presentations to investors

-          Proportion of the local labour force/labour force participation rate contained in the active skills register.

-          Development activities arising from the West Cork Technology Task Force.

-          Number of indigenous firms relocating or establishing branch operations in the region

-          Value of Enterprise Ireland investment in facilitating same

-          Number of formal marketing presentations to external investors.

-          Employment growth in IDA/Enterprise Ireland supported IT inward investment.


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