It is not an overstatement to say that we are undergoing a period of global re-alignment. we are now in a period of rapid and accelerating change. The last decade was the first era of zero or negative interest rates in recorded history, going back to the Middle Ages. It is very likely that the era of cheap money is behind us. On top of this the business investment is now being impacted by -significant changes in how governments compete for major industrial and manufacturing projects. The US with its Inflation Reduction Act (IRA) and the Chinese investment in export industries means that key global economies are subsidising industries more than in recent decades, focusing on strategic sectors for the green transition like batteries and electric vehicles. Europe is well behind the other two major economic blocks but slowly moving in the same direction, with knock-on risks to the coherence of the EU Single Market.
On top of this, change in global supply chains is accelerating. Commodity prices, which influence the price of most other physical things we buy, are well down on their peak in 2022 but are still almost a third higher than they were in 2019. Prices in commodities will remain higher and more volatile in the coming years due to geopolitical tensions. The falling levels of trade openness and rising geopolitical risk means that there will be more frequent disruptions to global supply chains and less integrated trade. In turn, inflation and costs for business will remain more volatile.
Our vision is for an EU that is focused on competitiveness, that unlocks the potential of the Single Market, that concentrates on EU added value, and that renews its commitment to openness to trade and investment.
Social cohesion is a key foundation of long-term prosperity and competitiveness in the economy. To have a cohesive society requires political stability and a focus on economic growth and business development that allows everybody to share in a society’s prosperity. When we have a period of widespread disquiet due to the lack of resources (e.g. housing, childcare, hospital beds); with the gap between the different groups getting wider, against a backdrop of circumstances like the pandemic, war, energy costs, inflation and challenges in the supply chain, it can result in people becoming more and more disenfranchised, feeling marginalised or left behind. Fear and insecurity due to economic uncertainty, social upheaval or rapid cultural change can result in intolerance, polarising views and the blaming of certain groups or individuals, for the perceived threats to the way of life or wellbeing. The spread of mis- and disinformation poses a fundamental threat too to stability. It poses an evident challenge to democracy and creates confusion, polarisation, and distrust among the public. We must work together on reinforcing the functioning of democracies and increase citizens’ trust in both public and private institutions and policy-making processes.
What measures business wants to see in the Programme for Government.
- A commitment to co-create with traditional media, social media, academics and civil society, a new governance model to redesign information ecosystems and counter mis- and disinformation while protecting freedom of expression.
- A commitment to working with the European Union, multilateral institutions such as the OECD, the Council of Europe, and the United Nations in tackling mis- and dis-information, which transcends borders.
- A commitment to improve media and information literacy and build the capacity of the public communication function to educate society on the techniques used to spread mis- and disinformation, to enable the better identification and disregard of false and misleading information.
- A commitment to implement social policies that address the needs of marginalised groups and promote economic and social inclusion in communities.
- A commitment to investment in community development to empower local communities and strengthen social bonds including funding for community centres, youth programmes and grassroots organisations that promote social inclusion.
- A commitment to tripartite dialogue (through the Labour Employer Economic Forum process) to collaborate on policies to promote social cohesion.
The general election and subsequent formation of a new Government is taking place at a critical juncture of challenge for Ireland and Europe. The global economy is in a turbulent period of rapid and accelerating change as geopolitical tensions continue, global competition intensifies, and protectionism increases. Concurrently, businesses and employers are grappling with new EU regulation, unprecedented in complexity and scale, across a range of key policy areas such as climate, social, and digital.
The EU is central to our ability to meet these challenges and achieve future success, as business and as citizens. In the 2024-2029 EU institutional cycle, including under the Irish Presidency of the Council of the EU in 2026, Ireland has an opportunity to build our influence in the EU and be a leading voice for an open, outward-looking, and pro-enterprise EU that retains the economic approach and philosophy which has underpinned its success. Ireland has a unique role to play in strengthening EU relations with the USA and UK.
To strengthen the EU and react to the challenges facing business and society, Ireland should advocate for putting competitiveness at the forefront. The strength of the European economy and its ability to deliver for its people depends on the success of businesses, large and small. This will determine our ability to grow and prosper, attract investment, provide job opportunities, enhance living standards and generate the resources needed to improve public services and infrastructure. It will also determine our ability to set and implement world-leading regulatory standards. An EU focus on security must be matched by commitments to innovation and economic openness.
What measures business wants to see in the Programme for Government.
- A commitment to effectively monitor and work to substantially reduce the cumulative national and EU regulatory and compliance burden on business.
- A commitment to resource and prioritise effective and timely transposition, implementation, and enforcement of new EU legislation in close collaboration with business to provide certainty and predictability.
- A commitment to advance an ambitious EU trade policy, safeguarding an open and competitive business environment to drive Irish and EU competitiveness in collaboration with key trading partners such as the US and the UK.
- A commitment to ensure the development of any new EU social or labour market policies support global competitiveness and fully reflect Ireland’s industrial relations model.
- A commitment to contribute to the development of a new EU Single Market strategy that underpins fair competition and supports pro-growth policies of open small member state economies.
Defence and security are increasingly becoming concerns for the business community. It is crucial we follow through on commitments to adequately resources both physical and cyber security. The Government has approved a decision to move to Level of Ambition 2 (LOA2) over six years to 2028. Manifestos should set out a multiannual plan to step up funding throughout that plan. This should support the security of Ireland’s economic infrastructure and our reputation as a place to invest.
Safeguarding our cyber security and resilience is both an economic/societal imperative and an economic opportunity. The global cyber threat environment has evolved and become more challenging since the publication of the current National Cyber Security Strategy (NCSS). Ireland now plays a critical role in broader EU digital regulation, cyber security and resilience. This matters to our place in the world.
Cities, towns, and other urban centres must be safe and usable for all inhabitants. Safety concerns, both real and perceived, limit access to the urban centres, including to employment, health, education, political and recreational facilities. Adequate resourcing of An Garda Síochána must be in place to provide a visible presence within our urban centres, which would in turn boost footfall. An Garda Síochána must also be able to access the resources needed to police public transport.
As the only English-speaking common law country in the EU, Ireland is uniquely positioned to establish itself on the international stage as a hub for Intellectual Property (IP) management activities. Ireland is legally required to hold a referendum to ratify the Unified Patent Court (UPC) Agreement, which would provide significant benefits to Irish businesses. The referendum should be held early in the lifetime of the next Government.
What measures business wants to see in the Programme for Government.
- A commitment to follow through on funding for the high-level action plan following the Commission on the Defence Forces recommendations.
- A commitment to adequately resource, implement and co-ordinate the necessary national institutional infrastructure and capacities for the implementation, adoption and oversight of EU digital and cyber requirements. Ensure Ireland continues to play a strong role internationally in these areas.
- A commitment to develop our cyber security ecosystem and industry. Develop and deliver a new strategy on the development of the cyber security industry in Ireland. Boost national R&D capabilities to support our cyber security ecosystem. Intensify absorptive capacity and adoption of cyber security and resilience across enterprise.
- A commitment to significantly resource An Garda Siochana to police public transport and to provide a visible presence within our urban centres.
- Ensure the adequate resourcing of An Garda Siochana and the Garda National Economic Crime Bureau to combat theft, fraud, digital piracy, and other economic crime.
- Fund greater security of Ireland’s subsea cables because international connectivity for the digital economy depends on them and Ireland is home to some 30% of all data held in the EU.
- A commitment to developing Ireland as a hub for intellectual property by holding the referendum to ratify the Unified Patent Court Agreement.
For the last six decades, since 1973, Ibec has been involved with the All-Island business community, including through our Joint Business Council with CBI Northern Ireland, in facilitating the dialogue between business leaders in both jurisdictions. Our focus continues to be on leveraging the All-Island economy to promote strategic investment and the growth of employment and prosperity across the entire island. The joint work of the business communities has constructively informed and supported the development envisaged in Strand Two of the Belfast Good Friday Agreement on North/South cooperation to develop trade, critical transport and infrastructure, skills, supply chains, regulatory regimes and markets in order that both jurisdictions would fully benefit from the scale of the All-Island economy. Businesses have long recognised that there were North/South opportunities of mutual benefit.
Ibec has set out for several years that the functioning of the island as a ‘natural economic zone’ would bring enhanced competitiveness by creating integrated investment, recruitment, production, marketing and supply chains. It would also allow universities and firms across the island to collaborate more closely through their research and development programmes. For individuals and households, it would bring greater employment opportunities with the chance to seamlessly work in one jurisdiction and live in the other. Citizens on both sides of the border were expected to benefit from more ‘joined up’ and efficient public service provision in fields such as health, education and security. Whilst progress on an All-Island economy is significant, there remains further opportunities of mutual benefit which the Irish business community will continue to pursue in the coming decades.
What measures business wants to see in the Programme for Government.
- A commitment to boost All-Island investment by supporting projects of common interest through an expansion of the Shared Island fund to 2030.
- A commitment on a set of aligned policies needed to underpin a seamless and fully functioning all-island labour market – including tax and social welfare policies, the recognition of professional qualifications and training and upskilling.
- A commitment to embrace new opportunities for regional collaboration and policy alignment on energy and climate action, and the delivery of transport and other infrastructure. We encourage full cooperation with the Northern Ireland Executive in implementing the cross-border projects detailed in the All-Island Strategic Rail Review.
- A commitment to embrace new opportunities for regional collaboration and policy alignment on energy and climate action.
- A commitment to safeguard the Single Electricity Market (SEM), strengthen electricity infrastructure, and complete the North South Interconnector.
- A commitment to take an All-Island approach to FDI by promoting the synergies to be achieved across all-island supply chains; access to talent; R&D capacity and other economies of scale benefits and leveraging R&D investments in an island context.
Our transport infrastructure has failed to keep pace with the nation’s economic or demographic growth. Capacity constraints and our infrastructural deficit are front of mind for both businesses and citizens alike. The need for strong, long-term government funding commitments for transformative transport projects will be vital for harnessing our economic potential, to enable the decarbonisation of the transport sector, to support sustainable mobility and transit-oriented development, and ensures balanced regional development. Investment in critical transport infrastructure projects that enhance inter- and intraurban connectivity and accessibility are more important than ever.
Investment in critical infrastructure in the regions that enhances inter-urban connectivity and accessibility is more important than ever. Shortcoming in regional transport infrastructure including public transport, road, rail, and active travel, stands to hinder investment and job creation, exacerbate regional inequalities, and undermine the delivery of the National Planning Framework.
As a trade-intensive island at the edge of Europe, the Irish economy is heavily reliant on international connectivity provided by the aviation and maritime sectors for both passengers and freight. Our airport infrastructure needs to be capable of handling future demand to serve state-mandated economic, connectivity and sustainability goals without unduly restrictive passenger caps and planning conditions such as those now impacting on Dublin Airport. Regional airports require the assurances provided through the long-awaited Regional Airports Programme (RAP) mid-term review. It is acknowledged that growth in the sector must prioritise emissions reductions in parallel.
Our ports are essential for facilitating international trade and bolstering our economic competitiveness. It is vital that they are recognised as strategic national assets, whose growth should be supported. Delivery of new port infrastructure will enable greater capacity, climate resilience and diversification of revenue streams – such as ports key role in the facilitation of Offshore Renewable Energy (ORE). We must also provide for enhanced options to access to ports and airports by road, rail (heavy and light), public transport and other sustainable transport means for people and freight.
What measures business wants to see in the Programme for Government.
- A commitment to prioritise the ongoing challenge of regional accessibility and unlock the wider value that joined up inter-regional and All-Island connectivity would bring.
- A commitment to sustainable mobility and transit oriented development by building a user-friendly integrated intra- and inter-urban public transport system and investment in active travel.
- A commitment to enabling the decarbonisation of Ireland’s transport network through a major investment programme in alternative fuels for the transport sector and to develop an indigenous sustainable aviation fuel (SAF) sector.
- A commitment to enabling the growth of the Irish aviation sector, expansion of the airport infrastructure to meet passenger and freight demand, which is not held back by overly restrictive planning conditions, and to lift the passenger cap at Dublin Airport.
- A commitment to support Ireland’s ports and maritime sector, including the development of portside facilities to avail of offshore renewable energy (ORE) opportunities, and investment in alternative fuel storage infrastructure.
- A commitment to expand and diversify access to our key infrastructure across all transport modes in line with capacity increases and European Ten-T requirements.