Rebooting economy will be vital
ALTHOUGH no one can say with any certainty when ‘normality’ will resume, a leading academic believes it is vital Wexford ‘reboots’ its economy in the wake of the coronavirus.
Dr Richard Hayes is vicepresident for Strategy at Waterford Institute of Technology ( WIT) and he says there are three key areas we can focus on to revive the county post Covid-19.
‘In the short-term, we can focus in on a number of areas to help reboot the economy in the south east,’ said Dr Hayes who is originally from Wexford town.
‘I would say there’s three areas where we already have a strong industrial basis. If we can focus on the agri sector, financial services and information and communications technology (ICT). Really focusing in on these high value areas will help us gain ground rapidly.
‘ There’s also the marine sector. We have a really distinctive and long history of success of that in Wexford. Having a focused and strategic approach and reminding ourselves where we’ve been successful and then build upon this.’
Another area which Dr Hayes says will be of high importance as we come to terms with the impact of the coronavirus is the Arts.
‘Investing in the creative industries will be important. There should be no need to remind people of the importance of this sector to Wexford, things like Write by the Sea, there’s a rich history here.
‘At times like this it sounds like a luxury, but investment in the Arts, and in creativity, is the foundation for innovation. That’s where innovation comes from.’
And Dr Hayes adds that now, more than ever, the south east needs to come together and work as a region. And as part of his role at WIT he is seeking to link businesses in the area during the lockdown.
Citing the institute’s ArcLabs programme, he said:
‘Collaboration is also of huge importance. We’re currently working on a project to link business incubation units, to try and make sure we’re all working together and draw upon all available resources and get everyone plugged in to the one network.’
With some uncertainty surrounding the forthcoming academic year in September, Dr Hayes says lecturers at WIT are remaining focused on creating new, highly qualified graduates for the local workforce.
‘Ireland has moved away from the notion of manufacturing being at the core of our economy. We’ve embraced the knowledge economy and, in that context, higher education is critical.
‘ The institutes of technology and universities are a critical part of Ireland’s economic development now, more than ever before.’
While WIT is currently closed, save for those researching ways to tackle Covid-19, Dr Hayes says he and the rest of the staff at the institute will be on hand to assist business owners as they attempt to recover from the impact of the pandemic.
‘ The message to the business community is WIT is ready, willing and available to work with any business which needs us.
‘We have the assets, expertise and experience to help them through this.
‘We can help with recovery plans, crisis management plans, WIT is here to work with them and help them through the crisis,’ he said.