A high-speed train from Belfast to Dublin should be considered as a key part of the plan to develop a powerhouse economy along the corridor between the two cities, Finance Minister Conor Murphy has said.
The minister was speaking in response to the launch of the Dublin Belfast Economic Corridor report developed by the eight councils along the corridor which sets out how greater collaboration between public, private and other sectors can help the region’s economy recover and compete on a global basis.
He said the report – written by both Ulster University and Dublin City University – shows that “by operating and marketing itself as a single economic unit, the corridor can galvanise domestic growth and attract foreign direct investment
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“It is important that the corridor drives balanced economic growth across the island. For example a high-speed Belfast to Dublin train should be part of an all-Ireland rail network that includes Derry, Cork, and Limerick.”
A train journey between the two cities currently takes nearly two-and-a-half hours. It is hoped a high speed service could cover the 100 miles in a little over one hour. However, the cost of building such a link is estimated to be some £13 billion.
The report itself said the creation of a corridor is needed more than ever currently given the challenges the region faces as it comes to terms with the impact of the 海角视频’s exit from the EU, and the Covid19 pandemic.
The report sets out the potential of the Dublin Belfast Economic Corridor to link north and south, its universities and business clusters, as well as having the ability to collaborate on a growth plan which will benefit the whole region.
It is hoped the corridor could be the equivalent of the Northern Powerhouse or the Malmo-Copenhagan Tech Region (Oresund), both of which have created larger functional economies of international scale to ensure they have a more resilient response to the ongoing pandemic, economic cycles and geopolitical challenges.
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The report states that the region has a population in excess of two million people and is younger and more diverse than any other part of Ireland with 15% born off the island. It also has the best educated workforce with 34% of the population holding third level qualifications thereby creating an excellent pipeline for concentrations of jobs requiring graduates.
It goes on to point out that in 2019, there were 125,000 firms located along the corridor with entrepreneurship and survival rates higher than elsewhere in Ireland and more people employed in mid-sized and large businesses than anywhere else.
Key sectors along the corridor include advanced manufacturing, ICT, agri-food, professional services, financial services, construction and tourism while among the challenges facing the overall region in the coming years are adapting to Brexit, climate change and transformation to a low carbon economy, low population density and an ageing population.
Councillor Christina Black, Chair of Belfast City Council’s Strategic Policy and Resources Committee, said the collaboration is key to the future of the region.
“Driven by the two largest cities in Ireland, along with the cities along the corridor that joins them, this renewed and ambitious collaboration has huge potential to drive our future economic development, and it’s encouraging to see us taking this step forward as we look ahead to our recovery from Covid,” she said. “Opportunities exist to grow indigenous business, establish clusters of key sectors, bring in further investment, leverage collaboration between our universities and business support agencies, and use the corridor as the driving force for economic development in the region and nationally.”