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Collaborative approach between public and private sector needed to deliver Project Ireland 2040 – Deloitte
Appropriate regulatory and planning environment required to deliver plan
Commenting on the recently announced Project Ireland 2040, Michael Flynn, Partner, Deloitte and Infrastructure and Capital Project Leader, Deloitte EMEA said:
The Government’s announcements in relation to the plans for the country’s infrastructure are to be welcomed. The 10-year National Development Plan (NDP) outlines an ambitious programme of €116 billion in spending by Government and commercial state owned enterprises. The plan sets out planned capital investments over the coming 10-year period towards achieving the Government’s ambitions and crucially looks at the long term vision for Ireland. Investments are designed to address some of the most pressing social and economic needs currently including social housing, health and transport and are aimed at creating sustainable improvements in Ireland’s infrastructure. Deloitte is encouraged to see the proposed investment in climate action and innovative technologies and the recognition of the move towards transforming many Irish urban areas into Smart Cities. The future of mobility across our country will need to incorporate the rapid advances in technologies and ways we will travel which will reshape our economy and society.
The benefits that investments in infrastructure can bring in delivering improvements in the economy and in making Ireland a better place to live, work and do business are clear. These improvements are also critical to keep Ireland as an attractive location for international business investors. Investing in infrastructure has the dual benefit of creating jobs and driving economic growth during the delivery phase while also creating the environment for growth once the piece of long term infrastructure is in place. Therefore, the delivery of this plan is of paramount importance and will require all players in the construction, social, and finance industries, amongst others, to play their part. Many of the projects will involve private sector participation in delivering the infrastructure and have the potential to increase commercial investment alongside public funds. The extent to and way in which these parties work together will determine success.
Furthermore, the Government now needs to consider how to create the right circumstances to allow for improvements in infrastructure to be delivered and to ensure that the regulatory regime and planning environment are appropriate. Proactively managing the delivery of projects in a timely manner and having appropriate mechanisms for oversight and prioritisation of investment will be key in allowing these infrastructural investment plans to come to fruition and accelerating growth in the Irish economy.