Thank you for your kind welcome. A 21st anniversary is always worthy of special celebration and, like any young lad, I am glad of the invitation to the party!
I remember well my attendance at your 10th Anniversary Ball. At that time, you had accomplished a lot in a relatively short time but with hindsight you had really just got off the starting blocks. Since then you have travelled a great distance at some considerable speed. You have gone from strength to strength working on behalf of the business community here in south Dublin. I could stand here listing your achievements but, then, would we ever get around to lunch!
Suffice to say that the many achievements of the Chamber are testament to the hard work and dedication of the staff and members, working together in progressing shared aims - overall this is quite a success story.
Of course, when it comes to a great success story, there are few can match the success story that is the Irish economy. The CSO figures published last week show a remarkable achievement in job creation in 2004. The number of extra jobs created at 73,000 exceeded all commentators’ estimates by a very wide margin. This was the best result since 2000 when we were roaring along with the Celtic tiger.
Most of the increase (49,000) came from new entrants to the labour force of whom 25,000 were from overseas. The remaining 22,000 came from increased participation rates especially the greater involvement in the labour force by women of all ages.
What is most heartening however is the drop in the rate of long term unemployment. This now stands at 1.4% in the first quarter of 2005 – compared to 9% ten years ago. In addition, the rate of unemployment for those aged 15 to 24 also dropped sharply in the first few months of this year.
All my political life, the number one goal has been to eradicate the scourge of unemployment. No one would have believed, even ten years ago, when we fretted about jobless growth, that we could produce such a performance.
Let me say it clearly we have the fastest growing, best job producing, economically sound and financially stable environment in the EU. We have received the repeated plaudits of the EU Commission, IMF and OECD on this achievement.
But we cannot and will not rest on the oars. We need to maintain a sound and competitive economy because the external environment has become more hostile – oil prices, slowing EU growth and uncertain monetary conditions. We have to ensure that we can keep growing at our potential growth rate of 5% or over – which is more than twice the EU potential.
Of course some questions have been raised recently about where we are headed and is it right to keep the emphasis on growth. Well, I think it is.
There can be no question in my mind that the purpose and achievement of Irish growth has been to increase real living standards for all, offer the continuing prospect of good jobs, especially to all those currently in school or sitting exams, and ensure that real take home pay for all continues to rise on a sustainable basis. Economic growth is also the best way to provide for the needs of our current population when it ages. There are few who would spurn these benefits.
Of course, we get more tax revenue which is always welcome. But this is a consequence and not the objective of strong economic growth. We can use this extra revenue to improve public services, reduce the tax burden or provide for our future through better infrastructure or more saving. At least with this extra revenue we have a choice. Without it, and without growth, we are back where we were with the failed policies of twenty years ago.
One key element I just mentioned is infrastructure. The Government is determined to close the infrastructure gap. We are already
· investing up to 5% of GNP in public projects – twice the EU rate,
· making extra room for planned and effective spending through the introduction of capital spending envelopes,
· focusing on a ten year envelope for transport to ensure a sustained and coherent approach, and
· seeking to streamline the procedures involved in planning, execution and delivery of major projects.
Naturally, there are choices here and trade-offs. There are those more directly affected by infrastructural development who take a different and legitimate view to others. But one thing is plain – without the necessary investment in roads and rail the future prospects for matching the exemplary job creation record I referred to earlier will be a lot less promising.
Going back to the achievements of the Chamber, the CREST Retail Excellence Network, which you founded to encourage the growth, development and consolidation of independent retail business, is now an all-Ireland network of retail stores. Both the Chambers of Commerce of Ireland and Northern Ireland Chambers of Commerce endorse this initiative. I warmly welcome all practical forms of island-wide co-operation and this is an excellent example of that co-operation in action.
Another initiative associated with you is the Schools Business Partnership Programme. Aimed at reducing the dropout rate among local students and co-ordinating work experience placements for local students in local industries, programmes of this nature provide enormous – though often hidden – business and social gains.
The establishment of the Industrial Estates Network was another excellent initiative in which the Chamber was actively involved. The refurbishment and development of four industrial estates in the county could only enhance your attractiveness as a business location.
Given these achievements is it any wonder that you were the Winners of Ireland’s Chamber of the Year in 2003. It should not have come as a surprise to anyone.
I also know that the South Dublin Chamber of Commerce has been consistently to the forefront of Chamber innovation in Ireland. You play a vigorous role in the national and international Chamber network. And, I am sure that you had an opportunity to do just that when you represented Ireland at the World Chamber Competition in Canada in 2003. I believe, that it is this constant participation and innovation by organisations like the Chambers that help the continuation of Ireland’s success story today.
Over the last 21 years, this country and not least South Dublin County have seen some extraordinary changes. On a national level our population has risen dramatically and will continue to do so. According to the latest projections, it could exceed five million by 2021, with the Greater Dublin Area expected to exceed two million.
We in Government are aware that to sustain economic growth over the years ahead and to meet expanding needs well into the future, we must continue to invest heavily – but wisely – in our physical infrastructure. To date, some €19 billion of the €36 billion total expenditure under the NDP has been invested in infrastructure.
As you know, major projects under way include the M50 South Eastern Motorway and the M50 Port Tunnel – both due for completion this year. The N7 Naas Road widening is also proceeding. It involves the widening of 14 kilometres of dual carriageway, the construction of four new interchanges, two pedestrian footbridges and a new local road linking Castlewarden to Kill and Johnstown to Naas. This scheme is due for completion next year. The N7 Kingswood Interchange opened earlier this year, giving improved access to Grange Castle Business Park.
Last year alone, €54.1 million was allocated to non-national roads in County Dublin. The funding was designated for work on a number of projects, one being the Greenhills Road realignment.
Of course, one of the more recent additions to South Dublin infrastructure has been the LUAS. The Red Line opened in September last and has already proved itself. In fact, the LUAS has carried 15 million passengers to date with 6.2 million of those travelling on the Red Line.
In the waste management area, over €6.5 million was granted in 2004, towards the purchase of a building to house a new Materials Recovery Facility at Ballymount.
While investment in infrastructure is important, I am also aware that we need greater efficiency when planning infrastructure projects. My colleague, the Minister for the Environment, Heritage and Local Government, announced proposals this month to restructure An Bord Pleanála and amend the 2000 Planning Act. These aim to bring about greater efficiency in the consent process for major infrastructure projects. I believe that this will not only speed up the process but will also be more cost effective.
Over the past 21 years, you have provided networking opportunities, advice, training courses and support for your members.
Your strong links, built up over many years, with both State and local agencies has enabled you to remain central to the development of the area and to retain your status as ‘the voice of business for South Dublin’.
I know that South Dublin County has witnessed phenomenal development over the last 21 years and I look forward to seeing what the next 21 years bring.
Thank you.
ENDS