Engineering Industry calls for strategic Government investment to sustain competitiveness amid global uncertainty

Engineering Industry calls for strategic Government investment to sustain competitiveness amid global uncertainty

August 13, 2024

Engineering Industries Ireland (EII), the Ibec group representing the engineering manufacturing and services sector, is calling on the Government to prioritise competitiveness and innovation in Budget 2025. EII believe that significant government investment is needed to enable engineering businesses to navigate rising costs and maintain their competitive edge globally. In publishing their pre-budget submission, EII emphasised that investments in energy-efficient equipment, innovation, process optimisation, and digital transformation are essential to bring the sector forward.

Director of EII, Pauline O'Flanagan, said: "To keep the engineering sector at the forefront of global technological advancements, the Government must significantly increase investment in research and development (R&D). A robust innovation ecosystem will attract international investment, create high-quality jobs, and drive long-term economic growth.

As the world transitions to a low-carbon economy, it is imperative that Ireland accelerates its investment in renewable energy. Supporting the development of renewable energy infrastructure and technologies will not only help Ireland meet its climate targets but also position the country as a leader in the global green economy. This investment will unlock new opportunities for the engineering sector and contribute to a sustainable and resilient economy."

According to EII, the engineering sector exports €8.8 billion (3.6% of national exports), with 10,800 enterprises employing 50,751 people, 65% of whom are indigenous.

Engineering Industries Ireland's full Budget 2025 submission is available here.

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