4.6 | Portfolio approach - Sector development opportunities This section identifies sectoral opportunities within the Region. Enterprise 2025 Renewed Enterprise 2025 Renewed sets out a portfolio approach to sector development – recognising that sectors contribute in differentways in the economy, delivering added value, export growth and quality employment throughout Ireland (Figure 4.2). Particular industries have place-specific needs, such as proximity to high-energy services infrastructure, water capacity, availability of employees, proximity to public transport, access to international markets through airports and ports, and serviced lands. These issues should be considered by local authorities through the CDPs and objectives in LECPs. Opportunities also arise in the Region through Public Private Partnerships (PPP). This is demonstrated by cluster development led by industry, and property solutions, for instance the proposed works at North Quays in Waterford’s Strategic Development Zone, or Shannon Group. Supporting enterprises – tailored to lifecycle, scale d capability Changing external forces, the increasing interconnectedness in a globalised environment, th ability of enterprises to internationalise at an early stage of their lifecycle, and the fact that entrepreneurs are making location choices from the outset mean that policy distinctions based on ownership are becoming increasingly blurred. In Ireland, the challenges facing Irish owned enterprises are also relevant especially to the smaller foreign owned IDA Ireland supported client companies that are located throughout the regions. IDA Ireland has ext nded its suite of offe ings, tailo ed to the needs of these entities. It is important given the rapid evolution of the economy that our Region has the capacity to adapt to emerging trends. This includes emerging technologies such as artificial intelligence, machine learning, robotics, virtual reality. The REPs identify sectoral opportunities. New sectors are constantly emerging and therefore the Region should be flexible to allow adaption to emerging sectors. We will take a portfolio approach to sect ral development – deepening resilience Enterprise 2025 set out a portfolio approach to sector development – recognising that sect rs contribute in different ways in the economy, delivering value added, expor growth and quality employment throughout Ireland (Figure iii). Since Enterprise 2025 wa published employment has increased across all sectors of the economy. Building on existing strengths and seeking out new opportunities - clustering, collaboration and connections See section on differentiating Ireland on the global stage to enhance attractiveness for investment
The Mid-West REP identifies potential growth in industries such as future mobility (e.g. connected and autonomous vehicles), film, sportstech, and the logistics industry. The South West REP states that the maritime and the marine is a growth sector and selling point, reaching into a range of areas including enterprise and entrepreneurship, tourism, technology, and sustainability, among others. Over the first and second calls under the REDF, the South-East secured funding of over €10 million across six projects covering various emerging sectors such as 3Dmanufacturing, design innovation and the bio- economy. The RSES encourages future iterations of the REPs to identify sectoral opportunities as they emerge. There will be benefit in a holistic approach with the Regional Skills Fora in ensuring that employers and the education and training system work together to meet the emerging skills requirements. As we live through the fourth industrial revolution (referred to as Industry 4.0), what the future of work will look like remains unknown. It is impossible to predict with certainty the cross-sectoral impact of technology on industry enterprise. Innovations in technology capabilities will affect all areas of work. Augmented Reality (AR) and Virtual Reality (VR) have already started to fundamentally change the retail industry and 3D printing is now used by retailers to deliver customised products. As we seek to build an innovative and smart economy, our Region’s enterprise strengths should be examined with an assessment of the Industry 4.0 risk and opportunity. The RSES supports enterprise transitions to Industry 4.0 and equipping people with the necessary skills to adjust and adapt to technology changes and disruptions, while creating an enterprise ecosystem that promotes innovation and entrepreneurship in emerging opportunities.
Figure iii | Sectoral cohorts
Figure 4.2 | Enterprise 2025 Renewed Sectoral Cohorts
ICT Health Life Services International Financial Services Agri Food Internationally Traded Services Engineering/Industrial products
Education Services Healthcare Services Creative industries & Design
Realising un-tapped potential
Building on strengths
Green Technologies & Environmental Services Marine and Maritime
Tourism & Hospitality Retail & Wholesale Construction Transport, logistics and distribution Primary production
Professional services Personal services Business services (locally traded)
Transforming employment intensive sectors
Competitive other services and activities
SOURCE | DBEI (2018)
Source: DBEI analysis
Southern Regional Assembly | RSES
112
Made with FlippingBook flipbook maker