Enterprise Investment, Entrepreneurial Incentives and a Climate Neutral Cities Fund among top Budget asks for Cork Chamber

- Cork Chamber’s pre-budget submission highlights the need for further enterprise investment incentives and a broadening of the entrepreneur relief as well as dedicated funding to achieve climate targets -

Cork Chamber, the voice of business in Cork, has called on the Government to enhance existing investment and start-up investment incentives as well as broadening the entrepreneur relief in a detailed Budget 2024 submission.
Cork Chamber President Ronan Murray said, “Budget 2024 represents an opportunity to build on recent Government momentum and initiatives to further protect and develop the small, medium and large Irish private enterprises that are the cornerstone of our successful Irish economy”. 

The Chamber also called for additional and specific investment to establish a dedicated fund to enable Cork’s 2030 climate neutrality journey. Both Cork and Dublin have been designated as EU mission cities, and defined financial support would help with achieving these targets.

Cork Chamber President Ronan Murray said, “A specific fund for climate neutral cities would not only assist in achieving climate targets but would also have benefits in many other areas outlined in our pre-budget submission.

“The benefits of such a fund would also be felt in areas such as infrastructure, public transport, energy and housing which all require sustainable solutions not only from a climate change perspective, but also to further propel our city forward and to increase its attractiveness from an FDI and talent perspective,” he said.

Cork Chamber CEO, Conor Healy said, “Our deadline to reach climate neutrality is less than seven years away and therefore it’s important the Government provides the necessary additional support to deliver on this target.

“A renewable energy taskforce for Cork and investment in Ireland’s ports is crucial for Ireland Inc. to reap the economic and environmental benefits and transform this potential to reality. In addition, continued and accelerated investment in Cork’s urban and transport infrastructure is required to meet the growth and climate needs of the city region, including the accelerated development of suburban rail and light rail, the delivery of Bus Connects, the delivery of key road network improvements, and the delivery of key urban developments in the Cork City Docklands.”

Budget 2024 has the opportunity to further ease the inflationary pressures being placed on businesses and households while also positioning Ireland as an attractive place for investment and talent. Cork Chamber’s pre-budget submission highlights the need for increased capital spending versus current spending to invest in key infrastructure across housing, transport and energy.

Challenges in the housing market which are resulting in the current lack of supply are also addressed in the pre-budget submission. In particular, Cork Chamber has called for the extension of the Croí Cónaithe Cities scheme to the rental market which would contribute to the viability of rental apartments.

“Recent initiatives by Government are welcome, however continued focus is required as housing still remains a top concern for our members. In addition to the extension of the Croí Cónaithe scheme, a further increase to the income thresholds for the Cost Rental scheme and index linking them would ensure the market is accessible to all cohorts,” said Conor Healy.