Latest news with #KieranDonoghue
Irish Post
10-07-2025
- Business
- Irish Post
Ireland will host global conference highlighting value of cluster groups for businesses
IRELAND will host a global conference which highlights the importance of cluster groups for businesses across all industries. The TCI Global Conference will take place in Dublin in October. It will welcome more than 300 delegates from across the globe including 'leading cluster experts and local thought leaders, who are committed to building more competitive, innovative and sustainable economies through cluster development' the organisers confirmed this month. Hosted by InterTradeIreland, in partnership with Invest Northern Ireland and Enterprise Ireland, it will be supported by the Shared Island Enterprise Scheme. 'This flagship event will celebrate all-island collaboration, shared economic ambition and global connectivity, and will help shape the future of clusters and ecosystems,' they added. Kieran Donoghue, Margaret Hearty and Kevin Sherry at the launch of Ireland's TCI Global Conference With the theme Building a Global Economy, the conference will explore how governments, businesses, universities, NGOs, and individuals can join forces to tackle global challenges, and how clusters act as key drivers of economic transformation. 'This is more than a conference — it's a catalyst for growth and collaboration,' said Margaret Hearty, Chief Executive of InterTradeIreland, the lead delivery partner for the conference. 'Securing the opportunity to host the TCI Global Conference on the island of Ireland reflects the strength of our cluster ecosystem,' she added. 'Businesses that participate in clusters benefit from greater productivity, competitiveness, innovation, and resilience,' she explained. 'We are proud to showcase the world-class clustering practices that have contributed to economic growth across the island to an international and local audience, and to provide a platform for global dialogue on how we can build even stronger, internationally connected cluster groups for the future.' Kieran Donoghue, CEO of Invest Northern Ireland said collaborative working is 'central to economic development' as well as being 'key to Ireland's Department for Economy's strategy'. 'Our ten-year Cluster Acceleration Programme is essential to improving productivity to deliver this economic growth,' he added. 'The knowledge, processes, and skills shared within clusters enhances business capacity to innovate and grow further. 'The TCI Global Conference plays a crucial role in fostering productive discussions, building and strengthening relationships, and providing a platform to showcase our clusters on a global stage." Kevin Sherry, Interim CEO of Enterprise Ireland said clusters play a "pivotal role" in driving innovation, fostering collaboration, and accelerating economic growth within industries. "Hosting the TCI Global Conference on the island of Ireland is an exciting opportunity to highlight the dynamic and thriving ecosystem we have built across sectors such as Advanced Manufacturing, Life Sciences, and Cyber Security," he added. "This event will not only showcase our achievements but also strengthen our cross-border and international partnerships. We look forward to welcoming global leaders and experts to Dublin to explore how clusters can tackle pressing challenges and drive transformative growth." See More: Cluster Groups, Ireland, TCI Global Conference
BBC News
29-06-2025
- Business
- BBC News
NI Water: Who will pay for NI's infrastructure upgrades?
This week the boss of Invest NI delivered his first annual report since he was recruited to shake-up the economic development Donoghue reported good progress against his targets, noting that challenges include his budget and global economic he said the thing that keeps him awake at night is Northern Ireland's creaking infrastructure, particularly when it comes to is worrying Mr Donoghue is that overloaded wastewater treatment works across Northern Ireland are constraining economic development. Factories and houses cannot be built because NI Water cannot connect them to the water 2024, BBC Northern Ireland's Spotlight programme also exposed the environmental toll, with raw sewage regularly being discharged into Belfast root of the problem is money. NI Water, the publicly owned water company, has been under-funded since it was set up in company is required to produce six-year investment plans, known as price control periods, which have to be approved by the independent Utility regulator sets the prices that NI Water can charge its business customers and defines how much money it needs from Stormont's Department for department has never been able to fully fund those independently approved investment plans, meaning a backlog of infrastructure work has built up and continues to example, the flagship project of the current Price Control period was the Living With Water Plan, an upgrade of the sewage works around Belfast this year, that was deferred as rising construction meant its estimated price tag had risen to an unaffordable £2.1bn. The hope is that it can be at least partially funded in the next Price Control period. A consensus is emerging that this obviously failing process cannot continue. Earlier this month an assessment by the Fiscal Council, an independent budget watchdog, concluded that the current funding model is not fit for added that resolving the issues will require getting new money from somewhere "even though this appears politically unpalatable".This week the NI Chamber of Commerce and others suggested that at least some of the money should come through the rates system. Rates are a property tax levied on households and businesses and are the main tool which the NI Executive can use to raise NI Chamber report suggested a levy, of £100 on top of the current average annual rates bill of £ would be a proportionate levy meaning those with bigger existing bills would pay more than £100, and those with smaller bills would pay Chamber chief executive Suzanne Wylie appeared on The View, BBC NI's main political discussion show, to sell the got familiar responses from the political guests: households are already under pressure, so they can't be the source of the additional Green Party suggested additional taxes on business. The DUP said more efficiencies should be squeezed from NI Water, while the SDLP called for another the Sinn Féin Infrastructure Minister, Liz Kimmins, is pressing ahead with a plan to raise money from housing developers. Friday saw the conclusion of her consultation on options for a developer two options are a compulsory levy requiring all house builders in Northern Ireland to pay into a wastewater infrastructure is not clear how much the levy would be, nor how much it would be expected to there could be voluntary contributions where developers cover the cost of upgrading or replacing a particular piece of consultation document acknowledges that both options would increase costs to developers which could mean higher costs for house buyers or deter some if Kimmins' plan makes it through the Executive it will mean that a small number of households, those buying newly built houses, will indirectly be paying for wastewater the Fiscal Council has already warned that won't go far Robert Chote, who chairs the council, told assembly members "it doesn't seem very likely" that it will raise the sort of money needed to transform the system."It could help at the margin, but it is not as much of a gamechanger as something bigger on regional rates or domestic charging."
BBC News
24-06-2025
- Business
- BBC News
Invest NI: Infrastructure capacity constraints impacting economic growth
Northern Ireland's infrastructure capacity constraints are the issue that keep the boss of Invest NI up at Donoghue was speaking as the organisation published its end of year results for 24/ said water and wastewater capacity, as well as land availability and access to skills were the biggest challenges to economic comes after a scathing independent review of the organisation by Sir Michael Lyons in 2023. Invest NI is an arms length body of the Department for the Economy (DfE).The review found "relationships at senior levels within Invest NI are damaged and are harming the performance of the organisation".It concluded that the organisation needed urgent improvements in leadership, operations and public response, Invest NI published an action plan, and it has now completed the first year of its three-year plan, including internal organisational and cultural Donoghue, who has been in the role for 18 months, said he didn't want the organisation to be defined by the NI supported £631m of investment into the Northern Ireland economy this year; that is 22% more than the previous response to criticism that the organisation has been too Belfast-centric, it almost hit its 60% target for investments outside of the Belfast Metropolitan Area (BMA), with this making up 59% of thirds of assistance went to locally owned firms. Mr Donoghue said: "These investments by local and external companies will see 3,020 new jobs created across the region, with support from us."In a volatile, uncertain and complex global environment, we must focus on making the long-term investments that will increase the productive capacity, capabilities and competitiveness of our economy."Invest NI surpassed the majority of its targets for the year, with one exception being the amount of investment in low carbon and the green economy, which came up Donoghue warned the budget shortfall Invest NI is facing could mean that they will not be able to deliver on their three-year said that could potentially cost the Northern Ireland economy £150m in lost the end of this year, the organisation aims to have completed 32 of the 35 recommendations highlighted in the Lyons review.
Irish Post
15-05-2025
- Business
- Irish Post
£250m in ‘crucial' funds announced for start-ups and small businesses
A NEW funding allocation of £250m has been announced to support start-ups and small businesses in Northern Ireland. Economy Minister Dr Caoimhe Archibald has confirmed a new round of Access to Finance funding from Invest NI. The portfolio of three funds includes £100m from Invest NI which is expected to attract over £150m in private sector funding. As a result, a potential total investment of more than £250million will be made over the next 10 years, the minister said in a statement this week. Pictured at the launch of the Access to Finance funding are (L-R) Kieran Donoghue, Invest NI CEO, Economy Minister Dr Caoimhe Archibald and Ian Maxwell, Invest NI Executive Director Finance 'In 2011, with many businesses struggling to access essential credit, Invest NI set up its Access to Finance Programme and it has safeguarded or created thousands of jobs,' she explained. 'There is still a strong need for government intervention on this issue and so today we launch three new funds. 'This £100million public investment is expected to attract over £150million in private finance, potentially resulting in a total investment of more than £250million over the next 10 years.' She added: 'These funds will particularly support start-ups and SMEs. 'As the backbone of our economy, access to finance for these types of businesses is crucial.' More than 1,250 businesses across Northern Ireland have benefited from Invest NI's Access to Finance funds since their launch in 2011. 'Since 2011, our Access to Finance initiative has bridged a gap in private sector funding and provided much-needed support to SMEs in Northern Ireland,' Invest NI CEO Kieran Donoghue said. 'Because of these funds, SMEs, start-ups and entrepreneurs have been able to break into new local and global markets, drive innovation, and support business expansion.' He added: 'Boosting business investment is one of six key objectives in Invest NI's three-year Business Strategy. 'For this reason, we have committed £100million across three funds – two equity and one debt – to provide access to essential investment to help our local companies grow, export and innovate. 'The scale of this funding will positively impact our economy long into the future, enabling us to grow the sustainable, competitive economy that Northern Ireland deserves.' The funds, which will be managed by FCA-approved fund managers who have responsibility for all investment decisions, include TechStart III - a £55million fund managed by TechStart Fund Managers, including a £7m Proof of Concept grant fund. This fund is designed to help budding tech entrepreneurs commercialise their ideas. The second fund is Co-Fund III - a £39m fund managed by Clarendon Fund Managers, which will invest alongside private investors and business angels. The third fund is the Small Business Loan Fund III - a £6million fund managed by Ulster Community Finance which will provide loans of between £10,000 and £125,000 for established micro-businesses and SMEs. See More: Funding, Invest NI, Northern Ireland, Small Businesses, Start-ups
