InBus_Win09_1-55:InBusiness 1-61 14/12/2009 11:01 Page 26
FEATURE | Vox Pop
WHAT WILL BE
the legacy of 2009
FOR IRISH BUSINESS?
++++++++++++
Indeed, the very make up of the challenging year; a year of adjustment and a
Senior business figures reflect
Government’s Smart Economy is based on year of great uncertainty for Irish business. For
three pillars: education, science and many organisations it has been a year of
on one of the most turbulent
communications infrastructure. According to balancing short term survival with longer term
years for Irish business in
industry statistics, the electronic communications strategic ambitions.
network and service revenues in Ireland were PwC’s latest projected contraction in Ireland’s
living memory.
worth €4.4bn in 2008 with approximately 62 economy for 2009 is 7.9 per cent and the
++++++++++++ telecom operators active in the Irish speed of this downturn took many by surprise.
market indicating that this sector has an Its consequences for businesses were twofold:
important role to play in contributing to the Firstly, sharply falling revenues for many
growth of our economy. required decisive action and difficult decisions.
In recent times, our Taoiseach has We have seen the cost base tackled head-on by
indicated that recovery lies in targeting the next many organisations in order to restore
growth wave. The telecommunications industry profitability and long-term sustainability.
is making the investment, building next Secondly, with the banking crisis internationally
generation future proofed networks to prepare and nationally, it was also a year when a lack of
Ireland for that change. In other words, it will available finance became a challenge for many
support the pace of recovery and provide the businesses. For example, a quarter of
necessary foundations for the economy and the respondents to PwC’s recent Business
business community to exploit opportunities as Sentiment survey said that availability of finance
they arise and as we make them happen. continues to be a top business challenge. It is
GAVAN SMYTH hoped that, with the establishment of NAMA,
Business Services Director, UPC an easing of these credit pressures will emerge.
Looking back as we approach the end of 2009, We are now seeing companies looking
the big stories of the year began with the beyond the short-term and clearly identifying
referendum on the Lisbon Treaty, followed by how they can position themselves for the
the passage of new laws to take Irish banks upturn. While retrenchment is ongoing, many
most toxic assets onto the state’s books, and the are now looking at new markets and alliances to
December budget. grow their revenue lines.
Each one in their own way has affected every 2009 will be most remembered as a year of
citizen and business in Ireland and yet despite great change when costs and operating models
the challenges we are facing, hope has been were restructured to renew long-term
demonstrated on a global platform by President sustainable performance. With this restructuring
Obama. Closer to the industry in which I work and cost correction, the legacy of 2009 for Irish
in, Bill Gates said that in the US, economic business will be the emergence of an economy
recovery will be enabled by technology. that has begun to restore its national
Closer to home, this same sentiment was competitiveness, is focused on continuing to
echoed at a meeting held by the Telecoms and maintain an attractive environment where
Internet Federation chairman, Gerry Fahy who RONAN MURPHY indigenous firms can thrive and be positioned
indicated that an urgent fibre strategy was Senior Partner, PricewaterhouseCoopers as the prime location of choice for foreign
needed to accelerate Ireland’s recovery. There is no doubt that 2009 was a most direct investment.
26 InBusiness Winter 09
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