Tuesday, 8 October 2019
Financial Resolutions - Budget Statement 2020
Conscious of the particular impact that a no-deal Brexit will have on our rural economy, the Government stands ready to further increase the level of investment already in place.
The tourism sector is another key part of our economy, rooted in communities and supporting rural job creation. It has been performing very well in recent years. A record 10.6 million visitors from abroad last year has led to a record number of jobs in the sector. However, I understand the concerns for the future of our tourism sector. These stem from the slowdown in economic growth in our main tourism markets, in addition to the known negative impacts that a no-deal Brexit would have. To support the sector in 2020, I am allocating €40 million for tourism specific initiatives and the Government will further support the industry should a no-deal happen.
The Government will also support the tourism sector by continuing to promote and strengthen our position internationally. As part of our Brexit strategy, we will continue to explore new markets for our businesses and to promote our international profile through Global Ireland 2025, which aims to double our global footprint. In this context, I am pleased to announce an increase of €21 million in Ireland’s overseas development assistance next year. This means that Ireland will provide €837 million in 2020 to be invested in less developed countries. As part of this, I am announcing that Ireland will double its annual contribution to the green climate fund, which provides much-needed financial support to reduce greenhouse gas emissions in developing countries.
Transforming our approach to transport is also one of the ways we will rise to this challenge. Our climate section plan sets out our vision. In order to support the sector, I am allocating €2.7 billion to the Department of Transport, Tourism and Sport next year. This is a substantial increase of €384 million on 2019. This will include investment in our rural transport network.