Galway Chamber’s Autumn Business Lunch with Minister Paschal Donohoe: Economic Insights and Regional Development Discussed

Galway, 3rd October 2024 – The Galway Chamber hosted a highly engaging Business Lunch yesterday at the Galmont Hotel, featuring a fireside chat between Minister for Public Expenditure, National Plan Delivery and Reform, Paschal Donohoe T.D., and President of Atlantic Technological University (ATU), Dr Orla Flynn. The event, kindly sponsored by ATU, provided an opportunity for local business leaders and policymakers to hear insights into the current economic landscape and discuss the future of Galway and the wider region.

During the fireside chat, Minister Donohoe shared his perspective on Budget 2025, discussing the rigorous process involved in preparing for the annual financial plan. He also delved into the broader challenges of balancing economic growth with regional development. He highlighted the need for focus to be on transport infrastructure, acknowledging the role of transport projects, such as the Galway Ring Road, rail and bus connects for both city and county development.

A key topic of discussion was the sustainability of Ireland’s economic performance, driven by strong corporate tax revenue. The Minister stressed the importance of ensuring that Ireland’s fiscal policy remains adaptable, particularly with the global economy shifting rapidly. “We must avoid making the mistakes of the past by spending unsustainable revenue. A stable fiscal policy is essential for safeguarding Ireland’s future,” he remarked.

During the discussion, Dr Flynn also raised issues around regional investment and infrastructure development, noting how underinvestment in the northern-western region continues to present challenges for Galway’s economic potential. She remarked: “It is vital that we continue to advocate for balanced regional development. As we invest in infrastructure, education, and innovation, we can ensure that the benefits of our national growth are felt equally across the country, and that Galway’s economy continues to thrive.”

In response to regional concerns, the Minister emphasized the importance of addressing regional underinvestment while maintaining a strong national approach to economic decision-making. “One of the most important things for the future of Ireland is ensuring balanced regional development, which is key to sustaining the country’s long-term growth,” said Minister Donohoe. He also mentioned that sustaining a high level of capital investment, avoiding fluctuations as seen in the past, would help resolve the regional disparities.

Cáit Noone, President of Galway Chamber, said “Events like today’s Business Lunch are a powerful way for local businesses to engage with national decision-makers and voice the unique needs of our region. It is essential that Galway continues to receive the investment required to unlock its full potential as a major economic driver in the West of Ireland.”

The event ended on an optimistic note, with the Minister reaffirming his commitment to supporting Galway’s future growth. Minister Donohoe praised the collaborative spirit of Galway and its strong business community.