InBus_Win09_1-55:InBusiness 1-61 11/12/2009 17:19 Page 24
FEATURE | Industry Overview
it came through the last 18 months relatively
“THE VERY FACT THAT
coming year. Local businesses cannot continue
unscathed. In fact, the digital sector has shown to finance local authorities and an overhaul by
signs of growth with many exciting start-ups on
WE’VE SURVIVED SO
central government on the current system is
the horizon. On page 34, Anne Whelton finds
MANY BLOWS AND
drastically needed. With development income
out how the digital industry escaped the down by roughly 66 per cent, Paul Golden asks
clutches of the downturn and began noticeably CONTINUE TO MOVE just how much more business can take and
blossoming to become a vital strand of the
FORWARD IS CERTAINLY
looks at how reform can be implemented
economy. Of critical importance to the success without increasing the burden on local
of this industry, is of course, a national strategy
CAUSE FOR OPTIMISM.”
business communities.
for broadband. Inertia in this particular area has
left Ireland well behind most European countries ON THE UP
and is threatening our competiveness and adjustment will most likely be prolonged Despite the many challenges that the business
attractiveness as a destination for FDI. Nicole beyond 2010. However, the establishment of community faced in 2009, there have been
Matthews talks to the experts on page 44 and NAMA earlier this year will go a long way to many encouraging developments to take from
finds out if piecemeal changes to the current aiding a speedier recovery, and getting credit the past 12 months. One of the positives can be
broadband structure are likely to continue in the flowing to business again will be the main found in the continued development of the
New Year. priority over the next 12 months. However, pharma sector, which has for many years, been
while NAMA will help the banks’ balance sheets the jewel in the crown of the Irish economy, and
EXPECTATIONS FOR EXPORTS look a lot healthier again, there are more serious continues to make a healthy contribution
For exporters, 2009 was a year of retaining issues on the horizon that, if not dealt with, overall. However, significant challenges lie
clients. Growth was always going to be unlikely, could further damage our international ahead – lower cost economies in eastern
especially with the weakness of sterling and the reputation, our business climate and ability to Europe, Asia and South America are expanding
dollar. Manufacturing remained steady attract and retain multinationals, and our overall their market share of the biotechnology and
throughout the year but the food and drink competiveness. On page 28, Stephen Tormey pharma sectors, and for Ireland Inc. to remain in
industry, which historically commanded a talks to leading economists, Jim Power and Alan the game, sustained competiveness, a
premium on pricing relative to other European McQuaid, about the immediate need to tackle favourable business environment and a
countries both at home and abroad, has been government spending and the national debt. renewed effort to push the smart economy
hit hardest. The shift is largely down to a forward in the near future will all play a part in
dramatic change in consumer behaviour, and ENERGY MATTERS ensuring the future of this industry here. On
reductions in exports in the industry are down The question of energy supply and cost to page 51, Brenda Collins finds out what else
10 per cent across the board. On page 41, business will once again be brought to the fore needs to be done to keep the big players like
Nicole Matthews examines the future for the in 2010. The need to continually import fossil Pfizer operating in Ireland.
sector and looks at the prospects for recovery fuels as our main source of energy is a cause for In transport, while many developments have
in 2010. concern and highlights further the need to been completed as part of Transport 21, more
make projects like the Corrib gas line a priority needs to be done next year to ensure that a
TOURISM IN TROUBLE in the next 12 months. Robert Hogan looks at modern and integrated transport network is
The tourist industry, just like the export industry, how agencies such as Eirgrid are delivering on delivered on time and on budget. On page 37,
has suffered more than most from the government energy policy on page 56. Patrick Freyne talks to the leading agencies
downturn. Mid-year figures illustrated just how responsible for delivering the projects and
much the sector was suffering – official figures CLOSER TO HOME examines the obstacles that stand in the way
were 13 per cent down for the first half of 2009. On a local level, the financing structures of local of delivering the nation’s much
When Ruraidh Conlon O’Reilly spoke with authorities are high on the agenda again for the needed infrastructure.
industry leaders, they were bracing themselves
for more bad news before year end. However,
some solace can be found in that many believe
that the Irish tourism product is stronger than
ever, but for immediate improvement, a pick up
in the indigenous and British economies would
go a long way to reassuring those at the
frontline in Irish tourism. Turn to page 47 to find
out more.
REPAIRING THE DAMAGE
The finance sector has more on its plate than
most next year. Bruised and battered after
2009, the Irish financial sector’s period of The Luas line extension at Cherrywood.
24 InBusiness Winter 09
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