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Opportunity to Establish Ireland As An International Maritime Services Centre

15th July 2015
Opportunity to Establish Ireland As An International Maritime Services Centre

#MaritimeServices- NUI Galway's SEMRU launched an independent report during the 2nd Annual Ocean Wealth Conference that was held last week in Cork.

The report claims that a planned International Shipping Services Centre (ISSC) could put the Irish capital on a par with established hubs internationally.

"Building on the experience from the International Financial Services Centre, and on Ireland's success in aircraft leasing, the ISSC plan aims at developing a hub for international ship finance in Dublin to establish Ireland as an international maritime centre such as London, Hamburg and Singapore," the report noted.

The report compiled by NUI Galway's Socio-Economic Marine Research Unit (SEMRU) and Teagasc, highlighted the economic impact of Ireland's 'Blue Economy' and estimates that the sector contributed an estimated €1.4bn to GDP last year.

Ireland's 'Blue Economy' is performing on average better than the general economy with up to 9% growth over the last five years. With an estimated turnover of €4.5bn, the sector employs approximately 18,500 Full-Time Equivalents and new data from shows that in addition to the direct impacts of Ireland's ocean economy, a further 13,000 are employed across the wider economy providing an additional €3.3bn in turnover.

This is the third report on Ireland's Ocean Economy from NUI Galway's SEMRU as part of its ongoing process of collection and analysis of marine socio-economic data in Ireland funded by the Marine Institute. Results from the report show trends in Ireland's Ocean Economy over the period 2010-2012 and provides an estimate of the direct value in 2014.

Minister Coveney, speaking ahead of the conference said, "Over the past few years we've seen a dramatic and in some cases radical transformation in Ireland's attitude towards the marine sector generally, with the marine now being viewed as a significant contributor to our economic recovery. This new data from SEMRU and Teagasc shows that Ireland's blue economy is performing well in established industries such as seafood, shipping and marine tourism, and is excelling in emerging industries such as high-tech marine products and services, marine biotechnology and maritime commerce."

The SEMRU Report is available to download here.
Harnessing Our Ocean Wealth– An Integrated Marine Plan for Ireland 2015

The Harnessing Our Ocean Wealth– An Integrated Marine Plan for Ireland 2015 publication was also launched to coincide with the 2nd Annual Ocean Wealth Conference in Cork highlighting the potential benefits and economic impact the Blue Economy can have for Ireland.

As outlined in the Chairman Robert Dix's forward, the development task force has identified five thematic areas for action, and three types of intervention that are required for existing marine industries, emerging resources and potential marine markets that are available to the wider national economy. The purpose of the report is to galvanise and effectively mobilise a range of State supports, enabling investment required to reach the economic goal of a thriving maritime economy, and associated targets set out in Harnessing Our Ocean Wealth.

The report outlines the government support for attaching great importance to improving its regulatory processes so as to at once both protect the Irish marine resource and yet realise its potential to contribute to Ireland's economic recovery.

The 2nd Ocean Wealth Conference discussed a number of research project results and how they can be intergrated into a national development sector strategy.

All publications are available below:

Harnessing Our Ocean Wealth– An Integrated Marine Plan for Ireland 2015

Harnessing Our Ocean Wealth 2012-2014 Progress Report

Future Skills Requirments of the Marine Maritime Economy
IMDO Investors Programme

As part of the Harnessing Our Ocean Wealth Conference, The Irish Maritime Development Office hosted an Investor Programme highlighting the opportunities and development strategy for the Irish maritime sector.

A number of leading experts delivered in-depth presentations throughout the day and the copies of the presentations are available below:

Opportunity and Leadership - Liam Lacey, Director, Irish Maritime Development Office.

Yacht Hub – Making it Happen, Enda O'Coineen, Chairman and CEO of Kilcullen Kapital.

The ISSC, A Smart Opportunity - Cormac Megannety, ISSC Project Director

An outstanding Seafood Investment Opportunity, Donal Maguire, Aquaculture Development Director, Bord Iascaigh Mhara.

Source: Irish Maritime Development Office (IMDO)

Published in Ports & Shipping
Jehan Ashmore

About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

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