Deirdre Clune (Cork South Central, Fine Gael)

I thank the Ceann Comhairle for allowing me to speak on this important issue. The Cork docklands area has the potential to deliver 25,000 jobs to the city and to attract 20,000 people to live in a revitalised, modern environment. The regeneration project has the potential to transform Cork in a similar fashion to that achieved with the regeneration of the docklands in Dublin and London.

People in Cork hoped that tax incentives for the docklands project would be announced by the Minister for Finance in last December's budget, but this was not the case. We were given to understand by members of the Minister's party that the Finance Bill, which is the vehicle for delivering targeted tax incentives, would provide for measures to support development in the area. On its publication last week, however, we discovered that it had failed to deliver. Our substantial expectations were encouraged by the Minister for Enterprise, Trade and Employment, Deputy Martin, who said at the end of last year that it could be taken as given that the Department of Finance would respond, through the Finance Bill, to the submissions received.

The Bill ignores the Cork docklands. The Government has missed an important opportunity and, through its inaction, will delay a project that has very significant potential and is vital for the future sustainable development of the region. It is difficult to accept that the Government has any commitment to Cork. It makes agreeable statements but there is no positive action. The national development plan states that a key challenge for Cork in the period to 2013 will be to accelerate significantly its rate of development and population growth, focusing particularly on the potential of its central area. It goes on to sate that the docklands area, in particular, "has a capacity to accommodate an additional population of at least 15,000 and significant floor space, but investment in physical infrastructure to trigger subsequent private investment is necessary". So far, however, there has been no commitment to accelerate any development in the Cork docklands.

For the past five years, the local authorities in Cork have promoted the area and have succeeded in gaining recognition for the regeneration plan as a priority in the national development plan and the spatial strategy. In addition, the Government's submission to the EU included a recommendation that it be included in the EU regional aid map. It is now up to the Government to progress the project. The lack of support from that quarter is worrying.

There has been an indication from the EU that aid may not be provided to relocate hazardous substance sites. However, while this matter is being examined, there are many other ways in which the Government could offer support, such as through the provision of infrastructure and through support for the provision of premises for targeted sectors and for the development of residential owner occupation. Cork has been designated as a gateway, one of nine, in the national development plan. The gateway innovation fund could be used to provide necessary infrastructure in the docklands area. However, the funding allocation in the budget is small and will have little impact. The national development plan includes a commitment that €300 million will be provided for this purpose for the years 2008 to 2010. Only €40 million was provided in last year's budget, however, and there is no guarantee that any of this money will go to Cork.

There is significant disappointment and anger in Cork at the Government's apparent indifference to the docklands project. I acknowledge the efforts made by my colleague, Deputy Allen, to highlight the importance of this project. This disappointment and anger is felt not only by those of us in Opposition but also by the Cork Chamber of Commerce, business interests in Cork and all those who are ambitious for their city and wish to see it achieve its potential in the context of national development. I seek a commitment from the Government that it will provide the necessary targeted tax incentives to ensure this project can commence.

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