8.0 | Employment and Enterprise 8.1 | Introduction 8.2 | Cork Metropolitan Area Strengths in attracting
Investment in the creation of ‘place’, access to talent and the presence of an innovative and smart economy are key factors to realising the potential of the Cork Metropolitan Area. Internationally and nationally, the trend is increasingly toward urban areas of scale and concentrations of economic activity. The following key elements inform business location choices: • Connectivity and access are paramount – nationally and internationally - enabled by physical and technology infrastructures with capacity resilience and quality. This has become even more critical in a post-Brexit environment. • World class economic infrastructures and competitive services with capacity, resilience and quality. • Third level infrastructures, access to skills and to research, development and innovation. • Availability of property solutions – including ‘ready- to-go’ commercial properties, ‘landing spaces’, co- working spaces and flexible property solutions 30 and affordable housing. • Effective and integrated public transport networks within and between cities and urban areas. • Co-location or dynamic clustering plays a role, for example, in the agri-food sector, enterprises will seek to locate close to local suppliers of produce. Enabling connectivity and linkages within and between suppliers and purchasers, between enterprises and higher education institutions is an important consideration for the NPF, including quality of life factors and sense of place. • Strong track record with established clusters of enterprise. The delivery of the elements that attract business and enterprise depends on identifying and understanding the main economic drivers and removing obstacles to realising their full potential. The Cork Metropolitan Area meets these key elements for business location choice. However, there is a need to continually improve and enhance these requirements in order to compete internationally. • Critical mass in population.
FDI, Economic Resilience and Clusters
The diversification of industry and the development of clusters will increase economic resilience and reduce risk. By developing industrial clusters, benefits such as lower production costs, increased innovation among related businesses and increased co-location of similar and supporting businesses can be realised. Working together, companies can be more innovative, create more jobs and register more international trademarks and patents than they would alone. The EU Cluster Portal 31 provides tools and information on key European initiatives, actions and events for clusters with the aim of creating more world-class clusters across the EU. Cork (City and County) has a strong record in fostering collaboration between stakeholders, economic growth performance, the development of clusters and attracting international investment. As of 2018, with 169 overseas companies employing c38, 870, there are strong clusters in technology and ICT, life science (pharma, bio- pharma and med-tech), financial and business services, engineering and an international track record in attracting global leaders such as Apple, Dell EMC, Pfizer, J & J, PepsiCo, BNY, and Stryker. There are opportunities to enhance and strengthen several different sectors including a European Tech Cluster in the Cork City. Large scale and high value manufacturing operations and associated employment are important enterprise strengths and assets across the Cork Metropolitan Area with many global companies in technology, engineering, life sciences and food and beverages.
30. Including lease terms, ability to scale/re-size, parking facilities, shared services, etc
31. https://ec.europa.eu/growth/industry/policy/cluster_en
Southern Regional Assembly | RSES
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