THE Ennis 2040 plan envisages attracting at least one large multinational employer by 2025, writes Owen Ryan.
The document stresses that multinationals are a significant part of the Irish economy with the country recently reaching its highest ever number of people employed by foreign companies.
According to the Industrial Development Authority (IDA), some 229,057 people as of January 2019 are employed by multinationals, with 58% of those people being employed in locations outside of Dublin.
It acknowledges, however that multinationals are only one part of a sustainable economic mix and must be combined with strong support indigenous enterprise and SMEs.
Strong employment growth in the sector at 7% in 2018 as compared to 3% in the rest of the economy would suggest that this is a sector that should be specifically targeted.
Research also shows that for every ten jobs created through foreign direct investment, eight jobs are created in the local economy in retail, service and other spin off industries, the document notes.
It says that the nature and scale of multinationals varies widely and there should be a connection between the type of company targeted and the proposed educational offer within Ennis.
It also says there needs to be a match with the type of company sought and the available skill base, while the type of industries targeted should be those less likely to see job losses in the coming years.
To be successful in winning multinational investment it says that appropriate locations/sites are required, an appropriate skill base, the ability to attract workers, suitable residential accommodation and appropriate infrastructure.
It states that accessing improved broadband would be very positive for the town’s potential to secure investment.
The document says that there are currently transatlantic subsea fibre optic cables connecting Ireland with the US, one in Mayo and one in Cork, and links to these could boost Ennis’ prospects.
“Investment and improvement in the fibre optic network presents the opportunity to link the fibre-optic cables at Cork and Mayo in order to reduce latency and provide high quality telecoms to businesses along the Atlantic Economic Corridor.
“Ennis is strategically located on a direct link between these cables and should position itself to tap into this high speed telecommunication infrastructure.
“Direct access to this network would be of huge benefit to Ennis as a location for investment and business and would be a unique selling point that would further enable the town to captialise on its strategic location.”