Limerick economist tips Foynes for prosperity at Budget briefing

A LEADING local economist has predicted Foynes could be one of the richest parts of Europe, if new industries on the estuary get going.

Dr Stephen Kinsella of the Kemmy Business School, who commentates on economic matters on a local and national basis, said if he was in the business of buying houses, he’d invest in the port village.

The Shannon Foynes Port Company has major plans for the area, which houses Ireland’s only deep-water port.

Planned expansion at Foynes Port includes a new one-kilometre dock with depths of over 18m alongside and associated quayside storage, will increase port capacity to 20m tons per year.

This will be accommodated by up to 1,200 hectares of land which has been zoned for strategic development.

“If those things get built. Wow, we are all going to do incredibly well from it,” he said at a business breakfast hosted by Limerick Chamber at the Castletroy Park Hotel following Budget 2023.

European ambassadors visit Foynes Port for briefing on renewable energy plan for Shannon Estuary

New forms of power to ensure Ireland’s energy security were discussed at the briefing, and Donal Cantillon, President Limerick Chamber, cited New Fortress which he said delivered a liquid natural gas (LNG) energy plant in just four months.

The same company is behind plans to deliver a gas terminal in Ballylongford near the Limerick-Kerry border – but these plans have been in the melting pot since 2006, and as of now, the Green Party’s presence in government has ruled out any development of this kind on the estuary.

New Fortress has kept a close watch on the project with its bosses saying the scheme is “shovel-ready” should political conditions change.

Speaking after the budget announcement – which promised a €600 rebate of energy costs – Mr Cantillon said: “We have the opportunity to be a net exporter of energy if we harness what we have.

“Sometimes we need to get out of our own ways to get things done. We are worrying about bats and snails. 

“Now I am not saying these are not important, but I do feel we need to get out of our old way.”

There is opposition to the LNG plans, with climate-change campaigners setting up camp in a field nearby the proposed site in North Kerry.

They fear fracked gas imported from the USA will be used, and they fear that a new LNG plant will increase Ireland’s carbon emissions significantly.

Restaurant chain agrees deal for prime retail unit in Limerick city

Dr Stephen Kinsella, the keynote speaker at the breakfast briefing, said sometimes Ireland’s “reputation” is justified.

He pointed out that the country has the presidency of the Eurogroup through Finance Minister Pascal Donohoe, but he may be replaced after just one term due to the grand coalition deal between Fine Gael and Fianna Fail.

“We had the trade commissioner [Phil Hogan] and gave it up, and we tell people it's because he went golfing. People go 'oh sure'. Sometimes our reputation is justified,” he told the breakfast event, referring to the golfgate scandal which saw the former Carlow-Kilkenny TD forced from office.

In terms of the budget itself, he also reflected a concern raised by Mr Donohoe, that Ireland is too reliant on a number of large employers for its corporation tax take.