Fergus O'Dowd (Louth, Fine Gael)
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174. To ask the Minister for Enterprise, Trade and Employment if he will create a mechanism whereby local chambers of commerce and the business community can engage directly and support the Dublin-Belfast economic corridor initiative in an official capacity, in particular, that the work and data already completed in respect of the M1 corridor project and the M1 payments corridor and the persons involved in the these projects can add value to the initiative.; and if he will make a statement on the matter. [26040/21]

Leo Varadkar (Dublin West, Fine Gael)
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The Dublin Belfast Economic Corridor initiative is a collaborative project led by a network involving eight local authorities, North and South of the border, Dublin City University and Ulster University. I was pleased to have had the opportunity to take part in the launch of this initiative on 24 March along with the Minister for Housing, Local Government and Heritage.

While not directly engaged, the Government is supportive of this initiative. We have set out in the National Planning Framework how we want to build on the strengths of the Dublin-Belfast Economic Corridor to capitalise on the clear economic potential of the region. That will involve effectively planning and developing new growth areas, investing in infrastructure and connectivity, and also protecting distinctive landscapes, green spaces and rural activities along the corridor.

Further, through the New Decade, New Approach Agreement, the Irish Government has made a strong commitment to work with the Northern Ireland Executive to achieve greater connectivity on the island. This will help us to unlock the full potential of the all-island economy, the protection of which has been a central objective of Government over the last number of years, in particular as we have faced the challenges arising from Brexit.

Belfast and Dublin have a great deal to offer each other, and this work to strengthen business links between the two cities is very welcome. There is potential for the Dublin-Belfast Economic Corridor to develop a unique international brand as a cross-border region with a particularly strong offering for Foreign Direct Investment, bearing in mind the continued access for businesses throughout the corridor to the EU’s single market.

Representatives of the local chambers of commerce, enterprise agencies, business community and local authorities meet regularly through the North East Regional Enterprise Plan steering committee and I will ask them to consider the DBEC and other initiatives underway in the region at their next meeting.

Fergus O'Dowd (Louth, Fine Gael)
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175. To ask the Minister for Enterprise, Trade and Employment if he will address a matter (details supplied) regarding the development of Drogheda, County Louth; and if he will make a statement on the matter. [26041/21]

Leo Varadkar (Dublin West, Fine Gael)
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The digital revolution has the potential to be one of the greatest disruptors in financial services over the next decade particularly in digital finance or ‘fintech’. Ireland is uniquely positioned to benefit from global investment in fintech. This is due in part to our excellent track record in attracting FDI, our entrepreneurial culture, a strong skills base and an established ecosystem that includes both international financial services and technology firms.

In order to capitalise on the opportunities for Fintech development in Ireland including developing Ireland’s policy positions in light of the legislative elements of the new European Commission Digital Finance Package, the Minister of State for Financial Services recently established a new Fintech Working Group as part of the Ireland for Finance 2021 action plan. Officials from my department will be on this  Working Group, which  will coordinate the approach to fintech across Government to ensure a coordinated and strategic approach to development of the Fintech sector in Ireland, including regional considerations.  As part of its work the group will engage with external stakeholders to build a shared understanding of the various policy and market developments in fintech across policymakers, the fintech community and technological innovations.

My Department also oversees the development and implementation of Regional Enterprise Plans (REPs), originally launched in 2019, the purpose of which is to identify growth opportunities and strengthen regional enterprise ecosystems to enable job creation in the regions.  REPs complement activities undertaken by the IDA, Enterprise Ireland and the LEOs and the wider range of State Bodies directly involved in supporting enterprise development in the regions. 

The North-East Regional Enterprise Plan to 2020 included a strategic objective to ‘Drive a higher level of economic success by building on niche strengths and fostering clustering among enterprises’ which was progressed through establishment of the Fintech Corridor (TFC) in September 2020. There has been continued growth in the cluster which has gained 21 new members and the cluster is supported by a full-time Programme Manager funded by InterTrade Ireland. Current REPs concluded in 2020 and a process to develop new REPs to 2024 has commenced and will identify ongoing growth opportunities and opportunities to further strengthen regional ecosystems.