Minister launches M1 Corridor plan in Bellingham
HOUSING MINISTER EOGHAN MURPHY LED A HIGH PROFILE LAUNCH OF THE NEW M1 ECONOMIC CORRDIOR LAST WEEK. OLIVIA RYAN REPORTS.
With access to 2.25 million people within an hour’s drive of the Drogheda-Dundalk-Newry region, the new MI Economic Corridor project is ideally placed to lure international investors to the area, Minister Eoghan Murphy said at the official launch in Castlebellingham last week.
The Minister explained that Project 2040 recognises just five regional economic drivers, with the M1 region being one of them.
He described the origin of the project as the ‘Payments Corridor’ which worked to encourage businesses to opt to locate for other locations outside Dublin, such as the M1 corridor.
‘Because of that plan, we incorporate the idea into the IFSC Plan 2020.
‘It spoke to the importance of this corridor, which has only grown in importance since the Brexit vote.’
He added: ‘It was clear when looking at the Payments Corridor idea that there was really something quite special in the region, and its connection to the two largest cities on the island, Dublin and Belfast.’
Along with this the ease of access to ports, airports, rail and road connectivity made the region an even more attractive option for business, said the Minister.
‘ The idea that 2.2 million are within 60 minutes of Dundalk and Drogheda, really highlights the potential that is there.’
He pointed out that the greatest resource to have is people, saying ‘But the people are already here, so really you are investment ready, so this initiative is all about going out with the message that it is all here.’
He explained that Project 2040 is ‘ looking towards the next 20 years for our country, how it can look, and how it should look.’
‘A big part of that, in terms of planning, was looking at this corridor, and the connectivity across the border.’
Population growth was another issue being addressed in the Project 200 plan, said the Minister, where it is aimed to get 75% of the new population located outside of Dublin.
‘We all recognise we have the responsibility to take the initiative and get the message out, and get new investment into the area,’ said the Minister.
He said that there were a lot of discussions ongoing about future funding opportunities for the development of the M1 Economic Corridor.
The Minister also praised the work of Dundalk Chamber of Commerce, Drogheda Chamber, The Mill Enterprise Hub and Oriel Hub, who he said had shown ‘great leadership’ in advancing the project to this stage.
Speaking at the launch, Paddy Malone of Dundalk Chamber said; ‘’ the M1 Corridor Project has been carefully developed by local business groups on both sides of the border for over ten years and will bring new investment and jobs into the Drogheda-Dundalk-Newry region.
‘Our critical objective is to highlight the huge advantages of the region in comparison to Dublin or Belfast as a location for investment. ‘
He explained the background to the project: ‘ The North East region has been comparably neglected and has relied on indigenous business for development. For countless years, there has been far too much emphasis placed on Dublin and this has backfired in terms of spiralling housing, commercial property and wage costs for firms moving to Ireland.’
‘ The M1 corridor is close to Dublin but also highly cost competitive and will be of critical strategic importance to the all-island economy in the decades ahead,’ said Paddy.
President of Drogheda & District Chamber Shona McManus went on to say; ‘’ the M1 Corridor Project is a truly ground-up initiative that has been developed and supported by local stakeholders across the region.’
She added: ‘ The M1 Corridor has enormous potential and offers unrivalled advantages to FDI, 2nd site and Start Up companies, including a growing and educated population, easy access to three airports and four deep water ports and faster broadband speeds than the IFSC.
Since taking over his current ministerial brief, Minister Murphy has been hugely supportive of the project so far and we were very pleased that he launched the project today in Bellingham Castle.’
Those attending the national launch heard that the project addresses the key future planning, development and policy priorities for the Eastern and Midlands Region as set out in the Government’s Ireland 2040 development plan.
Critically the regional role of the Drogheda-Dundalk-Newry cross-border networks are identified and supported in the Regional Spatial and Economic Strategy.
The launch event was attended by local and multinational business leaders based in the region.
The business leaders wanted to show support for this major new cross-border initiative which will attract investment from multinational companies into the Drogheda -Dundalk-Newry region, along the M1 motorway.