Cork City Economic Goals
Continue to Attract Foreign Direct Investment
7.18 Based on the analysis of the economic trends, combined with the need to address the socio- economic imbalances in the city, the development objectives of City Development Plan seek to support Cork City Council, along with other partners to achieve the following goals: 1. Support Sustainable Economic Growth; 2. Continue to Attract Foreign Direct Investment; 3. Support Indigenous Enterprise and Entrepreneurship; 4. Develop a Socially Inclusive City; 5. Support Innovation, Research and Development – An Innovation City; 6. Address Climate Action – A City of Neighbourhoods; 7. Enhance Tourism; 8. (Foster Quality of Placemaking; 9. Build a Diverse Economic; and 10. Support a Full Range Excellent Products and Services. 7.19 Details of each of these are provided in the para- graphs that follow. Combined they are designed to ensure that Cork can continue to compete globally for business and investment opportunities, while supporting social inclusion and ensure that the city’s economy is resilient to economic cycles and shocks.
7.21 As previously stated, the CMA has been relatively successful in attracting and sustaining foreign direct investment. These are broadly in sectors that require either office or manufacturing based property solutions. By its nature the timeframe of the investment can be uncertain, however the city must be ready to harness suitable opportunities that arise. Therefore, Cork City Council will work with IDA Ireland and private sector developers to ensure that there the suite of property solutions required by FDI companies is available.
Support Indigenous Enterprise and Entrepreneurship
7.22 It is important that the economy of the city is not overly dependent on FDI. Cork City Council will continue to harness entrepreneurship in the city. Acting as a first-stop-shop, Cork City Local Enterprise Office (LEO) will continue to support small businesses in Cork. In addition, the City Council will work with Enterprise Ireland, academia and local communities to support entrepreneurship and business start-ups throughout the city.
Support Sustainable Economic Growth
Develop a Socially Inclusive City
7.20 The NPF sets ambitious targets for Cork City to grow by 125,000 by 2040. It is estimated that approximately 31,000 jobs will need to be created in Cork City by 2028. This will require a considerable effort by employers, agencies and academia to ensure that the City’s economic ecosystem can support this level of job creation. It will also need a broad range of property solutions to satisfy the needs of employers, from entrepreneurs and small businesses to larger multi-national companies, and cater for office based, manufacturing and services based employment.
7.23 While economic development is only one instrument that can help to address social exclusion, it will be important to ensure that there is improved access to employment opportunities for all residents of Cork. The property solutions set out in this development plan are designed to support job creation in areas of the city experience social deprivation.
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Cork City Draft Development Plan 2022-2028
Volume 1 I Chapter 7
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