Encouraging signs for 2011 in Shannon Development report

Figures represent 195,000 visitors to the region and over 484,000 bed nights

6,000 employed at Shannon Free Zone

DESPITE a โ€œvery challenging, difficult year,โ€ Shannon Development recorded a 12% increase in tourism and created 362 jobs in Shannon Free Zone in 2010.

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At the launch of its Annual Report, the regionโ€™s economic development agency claimed to have minimised job losses and boosted tourism and business prospects in Limerick and the surrounding areas in 2010.

Among other highlights of the report were the securing of โ‚ฌ5.7 million to redevelop King Johnโ€™s Castle, the completion of over โ‚ฌ7.5 million investments in a range of property solutions for foreign and indigenous companies and the โ‚ฌ2.7million Tarbert E-town project.
โ€œWe are learning to do more with less,โ€ explained chairman John Brassil.

โ€œA strong region is vital for recovery and we are confident we will get there, working relentlessly to do soโ€.
Chief executive Dr. Vincent Cunnane, said that encouraging signs had been seen in the local economy at the end of last year and in early 2011.
โ€œOur key challenges are tourism, the airport and Limerick,โ€ he revealed.
The Shannon Free Zone was pinpointed as key to a flourishing local economy, with 362 jobs created there last year, though employment fell by 4% at the industrial estate.
โ€œThe main factor here was companies downsizing, not closing,โ€ added Dr Cunnane.
โ€œDuring the year companies there generated almost โ‚ฌ3 billion in sales, 92% of these were to export markets, so recovery is export basedโ€.
Over 6,000 people are employed in Shannon Free Zone companies.
Shannon Development is said to be working with potential overseas investors to attract new projects and jobs at the zone.
Meanwhile, the agency has focused on Limerick as a key driver of tourism in the region, with a โ‚ฌ39 million yield in the sector in 2010, a 12% increase on the same period in the previous year.
The figure represents 195,000 visitors to the region and over 484,000 bed nights.
โ€œA lot of shoe leather has gone into achieving these resultsโ€, said Dr Cunnane.ย  โ€œWe hope to double the number of tourists into Limerick with the investment at King Johnโ€™s Castle.
โ€œThis is seen as a major confidence boost in the cityโ€.
The brand of City of Sport for Limerick in 2011 was said to be hugely successful to date.
โ€œWe expect a โ‚ฌ6 million windfall from it and will build on the brand.
โ€œIts clear that people love the city and we want to ensure that positive results are found for Limerick on Google.
โ€œWeโ€™re working with regeneration and the council on the plan to develop Nicholas Streetโ€.
With regards to the Mid West Task Force, Dr Cunnane was in favour of uniting Limerickโ€™s local authorities, but said that action was needed now.
โ€œWe canโ€™t wait for 2014, itโ€™s about 2011 and changes coming immediatelyโ€.
Among forthcoming plans for the region, Shannon Development are investigating developing the Shannon estuaryโ€™s potential for sustainable energy and continuing to enhance Limerickโ€™s tourism appeal.