Unlocking the Regions: Dublin-Belfast economic corridor to be launched

Earlier this month, RTE reported on the imminent launch of the Dublin-Belfast Economic Corridor. While this is not a new concept (some of our more mature audience will recall hearing about this in the 1980s!), it is an exceptionally important move that will help to unlock the value of the regions north of Dublin City and County. This economic corridor conversation was happening long before the opening of the M1 motorway and certainly long before towns north of Drogheda were considered to be within commuter distance of the capital. Huge progress has been made since then. And there are so many reasons why this is important, both socially and economically. The Castlehaven Finance property team wrote about understanding, realising and indeed unlocking the value of place recently and you can catch up on this article here: https://www.castlehavenfinance.com/news/2021/3/16/realising-the-value-of-place.

This latest initiative, as reported by RTE, is the culmination of three years’ work and aims to foster closer economic ties between the Republic and Northern Ireland. Eight local authorities from both sides of the border, together with Dublin City University and Ulster University, have come together to develop a series of cooperative initiatives and projects with the aim of realising the cross-border project. The eight local authorities are: Armagh, Banbridge and Craigavon Borough Council, Belfast City Council, Dublin City Council, Fingal County Council, Lisburn Castlereagh City Council, Louth County Council, Meath County Council and Newry, Mourne and Down District Council.

The launch is in response to new and existing challenges facing the region. While primarily focused on overcoming the impacts of Brexit, which has seen the introduction of a new trade regime between Britain and Ireland, the consortium is also faced with the unprecedented challenges caused by Covid-19.

The virtual launch last week was attended by the Tánaiste and Enterprise Minister, Leo Varadkar, and the Housing Minister, Darragh O’Brien, signifying the strategic role this region will play in supporting economic recovery through the delivery of new homes and new commercial opportunities in the post-pandemic era of remote and hybrid working. In fact, the region has a population in excess of two million people and is younger and more diverse than any other part of Ireland with 15 per cent born off the island. It also has the best educated workforce with 34 per cent of the population holding third level qualifications, thereby creating an excellent pipeline for concentrations of jobs requiring graduates. Also, there are approximately 125,000 businesses located along the corridor “with entrepreneurship and survival rates higher than elsewhere in Ireland and more people employed in mid-sized and large businesses than anywhere else”, according to a media release issued by Dublin City Council. Key sectors along the corridor include advanced manufacturing, ICT, agri-food, professional services, financial services, construction and tourism.

Among the expected next steps for the Dublin-Belfast Economic Corridor will be the establishment of an Oversight and Governance Board, election of the board Chair, and, critically, the development of a comprehensive programme of works. It will be interesting to see this programme of works develop and to see how investors respond to the anticipated population changes for the northeast region.