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Launch of €180 Million Plans to Boost Regional Development in Ireland

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Launch of €180 Million Plans to Boost Regional Development in Ireland

Launch of €180 Million Plans to Boost Regional Development in Ireland
February 21
10:55 2022
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The Government has launched its €180 million Plans to boost regional development. The Plans, which set out actions to 2024 will each contain agreed ‘Strategic Objectives’ for enterprise development, accompanied by time-bound actions that deliver the objectives.

The Government has committed to nine enterprise plans, covering every region in the country. The first of the plans to be launched is for the Mid-West region.

Each of the nine plans have been developed throughout 2021 by Regional Steering Committees. Each Regional Committee is chaired by a senior figure from the private sector and includes the Enterprise Agencies, Enterprise Ireland and IDA Ireland, Local Enterprise Offices, Local Authorities, Regional Assemblies, higher and further education bodies and others. The plans also complement Our Rural Future, the whole-of-government framework to develop rural Ireland in the coming years.

 The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD said: “As a Government we are committed to bringing jobs and investment to every part of the country. One of my priorities as Minister for Enterprise is to have 2.5 million people employed in the country by 2024. We want these to be good, long-term jobs in every county. We’ve developed nine, region-specific plans to do this and are investing up to €180 million to aid their implementation.

“We want this to be a bottom-up approach, led by the local community, as they know what’s best for their area. We’ve chosen the Mid-West for the first one, and the remainder will be launched over the coming weeks.”

The €180 million in funding will support the development and implementation of collaborative and innovative projects that can enable and sustain enterprise and employment growth in the regions. For example, under the Regional Enterprise Development Fund 2017-2020, applicants could be promoted by private or public organisations, such as Higher Education Institutes, Semi State Commercial bodies, Local Enterprise Development Groups, Local Authorities. The REDF also looked to stimulate enterprise clustering initiatives comprising of at least five companies.

There have been three Calls to date under the REDF and almost €100m in funding has been approved for enterprise projects in all regions. Under the Regional Enterprise Transition Scheme (RETS), which was announced last year, €9.4 million in funding was announced for 24 existing projects which were impacted by Covid-19, Brexit and other market challenges.

The Mid-West Region has secured over €16m in approved funding for 8 projects (see below table) under the REDF and RETS.

 All of the Mid-West projects funded under the REDF and RETS are progressing, albeit with some delays.

Mid-West Regional Enterprise Development Fund and Regional Enterprise Transition Scheme funded projects

Project Project description
Innovate Limerick – Hospital Foods DAC Digital Collaboration Centre as a hub of applied disruptive technology innovation.
Emerald Aero Cluster CLG Aerospace Cluster Development
Emerald Aerospace Group Aerospace Cluster Development
Irish Bioeconomy foundation Bioeconomy Innovation & Piloting Facility
Clare MEZ (Maritime Economic Zone) DAC Maritime related training and field research support.
BNest Social Initiative DAC Project to develop business capability of social entrepreneurs.
Future Mobility Campus Ireland CLG Provision of CAV Test Facility
Tipperary Innovation Engine (Company Limited by Guarantee) Co-Working Space Provision
Total TOTAL FUNDING: €16,044535

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