Major international firms will leave Ireland if the State does not urgently invest €4 billion in its telecommunications infrastructure, a development group said today.
Shannon Development chief executive Kevin Thompstone was speaking at the announcement of the company's 2007 results today.
Kevin Thompstone, Shannon Development
"To be truly competitive in the knowledge economy, Ireland urgently needs to have ultra high-speed broadband available in every part of the country," he said.
"Clients from major international corporations will not wait a few years for the private sector to provide what is a vital piece of public communications infrastructure, they will simply vote with their feet and invest elsewhere."
Mr Thompstone said that while economic growth here is high in comparison to many European counterparts, the State needs to ensure it is "battle-fit" to meet the growing pressures of globalisation.
Results for the company for 2007 revealed that the Shannon Free Zone, Ireland's largest multi-sectoral business park outside Dublin, generated €3.3 billion in sales and created 350 new jobs last year.
Shannon Development said it is encouraged by a "strong investment pipeline" from new and expanding businesses in the zone for 2008.
Last year, company undertook a number of marketing initiatives which it said allowed it to get its tourism message to a worldwide audience of 250 million. "In 2006, the Shannon Region attracted over two million visitors and generated €442 million in tourism revenue."
Shannon Heritage, Shannon Development's tourism subsidiary company, attracted 580,000 visitors a 3.5 per cent increase on 2006, the company added.