This article is from page 8 of the 2012-04-03 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 8 JPG
SHANNON Airport can become the saviour of the mid-west region in the same way that the Irish Financial Services Centre (IFSC) saved the Docklands area of Dublin and became the great engine for Ireland’s growth during the last economic recession.
This will be done by giving Clare’s restructured international airport tax breaks similar to those that made the IFSC such a success story, thereby opening up a new “very exciting” and “very innovative” chapter in Shannon’s storied history.
That was the central message delivered by the Minister for Transport, Leo Varadkar, to business leaders in Clare on Friday when he said the new Shannon Airport would “very much in tune with the early pioneers in aviation in this region”.
While stopping short of announcing a new management blueprint for the airport, Minister Varadkar gave guests at Shannon Chamber of Commerce spring luncheon in the Oak- wood Arms the inside track on what his proposal to Cabinet for Shannon will be.
“When I think of what envisaged – the closest example I can think of is the IFSC,” the minister said. “The Dublin Docklands was in decline during the last severe recession and a decision was made to develop it as an international financial services centre and put in place the structures and the tax incentives necessary to attract investment.
“The IFSC is now a phenomenal success, generating loads of revenue for the State and employing tens of thousands of people. That’s the model that we’re likely to propose for Shannon.
“The development of an international aviation based services centre in the region, based around Shannon Airport and the land around Shannon with a view to attracting new industry, industries that currently don’t exist in Europe, industries like aircraft re-fitting and aircraft recycling in addition to other industries,” added Minister Varadkar.
This decision was originally due to be announced prior to Easter, but has now been delayed until late April, but ahead of that Cabinet decision on the future of the airport, Minister Varadkar has also confirmed the new blueprint will have a state and private sector involvement.
“It will need some private sector involvement and investment,” he said “and I do think that overall public ownership should remain in place and the Government will need to have step-in powers to intervene in the unlikely event that things go badly wrong”.