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The Global Economy – a role for Dublin

The Global Economy – a role for Dublin. Martin Cronin 24 May 2005. Role of City-Regions.

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The Global Economy – a role for Dublin

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  1. The Global Economy – a role for Dublin Martin Cronin 24 May 2005

  2. Role of City-Regions • Growing recognition in Europe that major city-regions play a central role in a modern knowledge based economy. • e.g. UK study found that knowledge based sectors are heavily concentrated in or near the centres of major cities • Research evidence suggests that the reputation and attractiveness of major cities has a determining influence on the competitiveness of the economy as a whole. • Dublin is Ireland’s only global centre and has a pivotal role to play in Ireland’s continued economic performance and development.

  3. Big fleas have little fleas upon their backs to bite them- And little fleas have littler fleas and so on ad infinitum Dublin • Cork, Limerick, Galway • Waterford, Sligo, Athlone, Dundalk • ……

  4. Big fleas have little fleas upon their backs to bite them- And little fleas have littler fleas and so on ad infinitum……… • Global nodes : London, Paris, New York, Tokyo, • European engines : Munich, Frankfurt, • Brussels, Rome, Madrid • Potential Metropolitan Growth Areas (MGA’s) : Helsinki, Manchester, Dublin, Turin, Oslo • Potential MGA’s : Warsaw, Budapest, Lyon, Antwerp • Weak MGA’s : Bordeaux, Porto, Krakow, Riga, Cork

  5. GDP per capita 2001– EU cities (€) • 1 Frankfurt 74,465 • 2 Karlsruhe 70,097 • 3 Paris 67,200 • 4 Munich 61,360 • 5 Dusseldorf 54,053 • 6 Stuttgart 53,570 • 7 Brussels 51,106 • 8 Copenhagen 50,775 • ......................... • 15 Amsterdam 38,203 • 16 Munster 38,149 • 17 Wiesbaden 37,454 • 18 Dublin 36,591 • 19 Vienna 36,572 • 20 Stockholm 35,733 Source: Office of Deputy Prime Minister, Competitive European Cities, Jan 2004

  6. Ratio of GDP per Capita: City vs. National • Frankfurt/Germany 3.8 • Paris/France 3.5 • Brussels/Belgium 2.6 • Copenhagen/Denmark 1.9 • Amsterdam/Netherlands 1.8 • Vienna/Austria 1.8 • Helsinki/Finland 1.7 • Stockholm/Sweden 1.7 • London/UK 1.7 • Dublin/Ireland 1.5 • Rome/Italy 1.5 • Berlin/Germany 1.2

  7. Dublin’s Ranking as Business Location(Source: Cushman Wakefield Healey & Baker,European Cities Monitor 2004) • OVERALL – 12th • Access to Markets (key factor) – 23rd • Availability of Qualified Staff - 15th • Cost of Staff – 7th • Quality of Life – 13th • Climate Government Creates – 1st • When asked which cities were doing the most to improve themselves, only 5 • percent of those surveyed cited Dublin compared to 22 percent for Barcelona • and 17 percent for Madrid.

  8. Critical Success Factors • Access/connectivity • Highly Skilled Workforce • Innovation • Diversity of Enterprise Base • Quality of Life

  9. Access / Connectivity • Dublin ranked 23rd, performing poorly on both external and internal transport facilities • Public transport improvement was the single most demanded improvement by companies surveyed • Lengthy delays in making decisions on key infrastructure priorities: • Rail link to airport – first feasibility study commissioned in 1996 • Integrated city centre rail network • Second airport terminal • Eastern by-pass • Outer orbital route • Also delays in delivering major infrastructure projects once they have been approved

  10. Access/Connectivity - Key Developments • Luas • QBCs on key radial routes • Dublin Port Tunnel – to open early 2006 • €810m M50 upgrade approved by An Bord Pleanála earlier this month • Many additional air routes from Dublin airport providing direct connectivity to growing number of international destinations • Unrivalled international telecoms connectivity • Introduction of 10 year multi-annual capital envelope for transport a welcome development • Proposals for new fast-track planning procedures for major infrastructural projects due this week

  11. Skilled Workforce 7.2 % in Dublin have MA/PhD compared with 4.6% nationally Overall stock of secondary graduates in Ireland is poor Low level of staff training Increased emphasis on ICT required But… Ireland has the youngest population in Europe with over 40% under 25 Ireland’s total investment in knowledge increased by an average annual rate of 10% over the past decade compared with averages of around 3% by the EU and the OECD. Source: Census 2002

  12. European Innovation Index

  13. Innovation: CSETs • Three of the six awarded to date are in Dublin……. • Centre for Human Proteomics (RCSI) • Centre for Research on Adaptive Nanostructures and Nanodevices (UCD/TCD) • Centre for Telecommunications Value-Chain-Driven Research (TCD)

  14. Diversity of Enterprise Base • The cities which are most successful in responding to economic change are those least dependent on a single sector • Dublin is host to a cluster of leading companies across a range of sectors including Financial Services, Life Sciences, International Services and ICT. Their activities include R&D, manufacturing and services. • ICT: Bell Labs; IBM; Microsoft; Iona • Financial Services: Citigroup; Merrill Lynch; AIB • Life Sciences: Wyeth; Biotrin; Megazyme • Other Services: eBay; Google; Riverdeep

  15. Culture, environment, architectural and housing quality and city centre facilities 11th most expensive city in the world (6th in Europe) - 22nd in the world (14th in Europe) on the QOL indicator House prices in Ireland grew by 179% from 1997-2004 (147% in Britain, 131% in Spain) Increased congestion and longer journey times Need to implement integrated land use and transport policies Quality of Life

  16. Quality of Life: Positives • Vibrant and cosmopolitan city • Wide range of sport and leisure pursuits • Active theatre scene – Gate, Abbey, Andrews Lane • Rich cultural heritage – Joyce, Beckett, Wilde

  17. Uncertainties Exchange rates Geopolitical issues EU Accession countries Oil Prices Property prices… Trajectory of the Global Economy • 2. Certainties • Globalisation • China, India • Technological progress • Accelerating pace of change • …….

  18. The Case for Change…..Ireland in Transition Role of Knowledge Domestic Cost Globalisation Shift to Services 2005 • Intense Competition for both • Low Ground • High Ground ? +

  19. ServicesExamples of sectors and activities that offer significant opportunities for exploitation by indigenous enterprises and for increased inward investment x x x x x x x x x x x x x x x

  20. High Value ManufacturingExamples of sectors and activities that offer significant opportunities for exploitation by indigenous enterprises and for increased inward investment x x x x x

  21. ‘Ahead of the Curve’ - Enterprise Strategy Group Comparative Advantage Competitiveness

  22. For regular updates on Forfás… • …subscribe to email alerts. • Email alerts@forfas.ie with ‘subscribe’ in the subject • or body of the email. • Forfás, Wilton Park House, Wilton Place, Dublin 2, Ireland • www.forfas.ie • Tel: +353 (0)1 6073000 Fax: +353 (0)1 6073030

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