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19/06/2009
Cross Border Economic Forum Meets
Island-wide economic development was in focus this week as over 120 leading figures took part in an inaugural North-South economic forum in Dublin.
Irish and international economists, economic commentators and senior policy makers from Ireland and Northern Ireland too part.
The objective of the forum, hosted by trade and business development body InterTradeIreland, was to consider the implications for the economies North and South of the latest global economic developments, how and when the current downturn is likely to end and the prospects for recovery.
"InterTradeIreland"s role is to encourage and support North South co-operation to the mutual benefit of our economies," said David Dobbin, Chairman of InterTradeIreland, who was addressing the event.
"The impact of the worldwide recession means that, more than ever before, we need to work together to gain advantage in an increasingly challenging and difficult global marketplace.
"History shows that nations and regions characterised by high level trade and economic co-operation are better poised to manage a challenging economic environment and recover more quickly from a downturn," he said.
"We see that both jurisdictions are facing significant economic difficulties and competitive challenges, severe budgetary pressures and the need to re-skill and create job opportunities for large numbers of unemployed people."
This unprecedented crisis has brought into sharp focus the potential for North South co-operation to tackle the crisis through joint activities, seizing economies of scale, ending duplication and making the maximum use of the limited resources available in both jurisdictions.
The findings that emerge will be presented to both governments in the coming weeks.
Irish Minister for Finance, Brian Lenihan, said: "Stabilising and growing the economy is an absolute priority for the Government.
"Events such as this can help us learn lessons from elsewhere in the world so that we can implement policies to ensure that we are well-placed to prosper from the anticipated upturn in the global economy.
"I am convinced that by working together on an all Ireland basis we can surmount the difficulties that we face for our mutual benefit.”
Frances Ruane, Director of the Economic & Social Research Institute in Dublin and Michael Smyth, Head of the School of Economics in the University of Ulster presented on the developments in the Republic of Ireland and Northern Ireland with both saying that competitiveness and reducing labour costs were key to the recovery.
(BMcC/JM)
Irish and international economists, economic commentators and senior policy makers from Ireland and Northern Ireland too part.
The objective of the forum, hosted by trade and business development body InterTradeIreland, was to consider the implications for the economies North and South of the latest global economic developments, how and when the current downturn is likely to end and the prospects for recovery.
"InterTradeIreland"s role is to encourage and support North South co-operation to the mutual benefit of our economies," said David Dobbin, Chairman of InterTradeIreland, who was addressing the event.
"The impact of the worldwide recession means that, more than ever before, we need to work together to gain advantage in an increasingly challenging and difficult global marketplace.
"History shows that nations and regions characterised by high level trade and economic co-operation are better poised to manage a challenging economic environment and recover more quickly from a downturn," he said.
"We see that both jurisdictions are facing significant economic difficulties and competitive challenges, severe budgetary pressures and the need to re-skill and create job opportunities for large numbers of unemployed people."
This unprecedented crisis has brought into sharp focus the potential for North South co-operation to tackle the crisis through joint activities, seizing economies of scale, ending duplication and making the maximum use of the limited resources available in both jurisdictions.
The findings that emerge will be presented to both governments in the coming weeks.
Irish Minister for Finance, Brian Lenihan, said: "Stabilising and growing the economy is an absolute priority for the Government.
"Events such as this can help us learn lessons from elsewhere in the world so that we can implement policies to ensure that we are well-placed to prosper from the anticipated upturn in the global economy.
"I am convinced that by working together on an all Ireland basis we can surmount the difficulties that we face for our mutual benefit.”
Frances Ruane, Director of the Economic & Social Research Institute in Dublin and Michael Smyth, Head of the School of Economics in the University of Ulster presented on the developments in the Republic of Ireland and Northern Ireland with both saying that competitiveness and reducing labour costs were key to the recovery.
(BMcC/JM)
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Northern Ireland WeatherToday:A very mild, but mostly cloudy day, although with some bright or sunny spells. It will be mostly dry in the morning, but a little patchy light rain or drizzle at times in the afternoon. Maximum temperature 14 °C.Tonight:A band of heavier rain will move east during the evening before clearing eastwards after midnight. then mostly dry through the early hours, but a little rain towards dawn. Minimum temperature 8 °C.
