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Galway City grows as industrial hub

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Positive year: Catherina Blewitt, West Regional Manager for IDA Ireland.

A series of important collaborations were formed and maintained by the IDA during 2014 which will help grow Galway’s profile as a hub for some of the world’s biggest companies.

In November, NUI Galway was announced as the lead in a new national medical device research centre, CÚRAM, which will design and create implantable ‘smart’ medical devices to deliver therapeutic agents where needed.

Cutting-edge science will develop the very latest research from biomaterials, stem cells and drug delivery. Devices will be developed with strong clinical collaborations and with industry partners and hospital groups and will strengthen Ireland’s standing as a major global hub for medical device sector research and development.

CÚRAM brings together researchers from NUI Galway, UCD, DCU, UL, UCC and the Royal College of Surgeons in Ireland. The centre will include almost 40 industry partners and support product development and the creation of new spin-out companies.

“We work very closely with NUIG and it is especially significant that CÚRAM will be led by NUIG and based in Galway which is the centre of a very advanced globally competitive medical device hub and which can only be strengthened by the presence of this new world class research centre and this is very welcomed by IDA,” said Catherina Blewitt, the IDA’s Head of Regional Development, West Region.

In November, Jobs, Enterprise and Innovation Minister, Richard Bruton, visited Galway as part of an Irish Trade and Investment Mission – the first of its kind in Ireland.

“The objective was to maximise procurement opportunities for Irish companies with Ireland-based multinational companies. As part of the Action Plan for Jobs, Enterprise Ireland and IDA Ireland are working together to deliver more sales for Irish companies out of the global supply chains of multinationals based in Ireland.

“The Galway event was a huge success and gave a number of Galway/West Region Irish companies the opportunity to engage directly with Irish-based multinational companies,” said Ms Blewitt. She went on to stress the importance of the Galway Science & Technology Festival, which takes place each November.

“IDA along with a number of FDI (Foreign Direct Investment) companies such as Medtronic, Cisco, Fidelity etc are sponsors of this along with other bodies and very much support this festival as it brings shows and workshops to primary and secondary schools throughout Galway City and county engaging the students and nurturing their interest in the STEM subjects.

For more, read this week’s Galway City Tribune.

 

CITY TRIBUNE

Property prices see 8% drop

Enda Cunningham

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Asking prices for houses in Galway City have dropped over the past twelve months.

Asking prices for homes in Galway City fell by almost 8% over the past year – more than double the national rate – according to new research from property website Daft.ie.

The figures show that two-bed terraced and five-bed detached homes have been worst hit in the slump – with asking prices down by around one fifth.

The average asking price in the city at the end of June was €278,371, 7.8% down on twelve months earlier, while the county was down 1.8% to €200,802.

Nationally, the average listed sale price was €253,868 – down 3.3% on a year ago.

A breakdown of the figures for the city shows that asking prices for one-bed apartments dropped 16% year on year to €106,000; two-bed apartments at €133,000 (down 19%); three-bed semis at €197,000 (down 16%); four-bed bungalows at €351,000 (down 16%) and five-bed detached at €405,000 (down 21%).

Economist Ronan Lyons, who authored the report, said: “Market activity rebounded strongly in June, perhaps reflecting an element of pent-up demand carried over from April and May. This is particularly the case for sales, where over 5,200 homes [nationally] were listed for sale during the month, compared to roughly 2,000 in both April and May. Nonetheless, the figure remains below the total for June 2019.

“In the rental segment, however, significantly more homes were listed in June this year than last.

“The concern remains that policymakers see this as the underlying problem solved. While the new government may want to favour the construction of owner-occupied homes, the fundamental shortages are in the social and market rental segments and it is those segments that must be the focus for policymakers over the coming years,” said Dr Lyons.

For more, read this week’s Galway City Tribune.

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Connacht Tribune

SMEs set their sights on Euro expansion

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Kevin Moran of IMS Marketing accepting the ‘Excellence in Practice Silver Award’ from the European Foundation for Management Development, with Enterprise Ireland CEO Julie Sinnamon and Nan Gou, Programme Director, ESMT Berlin.

Irish entrepreneurs have the skills, products and services to break down barriers across Europe, according to one Galway-based marketing agency that is helping SMEs enter new markets.

Kevin Moran, Managing Director of IMS Marketing in Galway, said that this creativity and enthusiasm allows Irish entrepreneurs to punch above their weight in new markets.

He was speaking after his IMS Marketing was honoured for its ‘Enter-the-Eurozone’ Programme which has helped 19 SMEs break into Europe.

And he urged all SMEs to continue to set their ambitions on export markets as we emerge from the Covid-19 restrictions and revisit the challenges of Brexit.

Mr Moran said that IMS Marketing, along with its partners, Enterprise Ireland and ESMT Berlin, was delighted to receive the Excellence in Practice Silver Award’ from the European Foundation for Management Development.

“The vision for the ‘Enter the Eurozone’ Programme was to enable progressive Irish SMEs  to enter a new Eurozone market in a strategically led way,” he said.

“Export markets will be more important than ever for Irish companies and jobs as they now face the twin threat of Brexit and a post Covid19 economic recession.”

Accepting the Award’ from the EFMD, Mr Moran said that his company witnessed the strength of the Irish SME sector during the delivery of the award-winning ‘Enter the Eurozone’ programme.

For more, read this week’s Connacht Tribune.

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The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

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Connacht Tribune

Businesses miss out on restart grant

Stephen Corrigan

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Mr. Kenneth Deery. Photo: Andrew Downes, Xposure
CEO of Galway Chamber Kenny Deery

Just one-third of Galway business eligible for the Government’s Restart Grant have actually applied for the scheme which aims to bolster small enterprise as Covid-19 restrictions ease.

It was revealed this week that businesses in Galway City and County have received almost €4.5 million in grant aid under the scheme which offers grants of between €2,000 and €10,000 to commercial rates-liable enterprises.

To qualify for the €250 million scheme, businesses must have an annual turnover of less than €5 million; have 50 or fewer employee; and have a projected loss of revenue of 25% or more.

CEO of Galway Chamber Kenny Deery said there were many Galway businesses that had yet to apply for the grants, despite the fact that they were entitled to do so.

Only around 1,100 of the about 3,000 businesses in the city and county that may be due a pay-out have applied, and confusion over eligibility was contributing to that issue, he explained.

“Some businesses are of the view that they’re not eligible, but they need to realise that even if they only paid €500 or €1,000 in rates in 2019, they could still be eligible for €2,000,” he said.

Those who were in rates arrears were also entitled to the grant, said Mr Deery, adding that as long as a business had a rates liability in 2019, they could apply for the grant.

“The payment have just started being paid out to those who applied about two months ago, so it has been slow in terms of progressing those applications.

“What I would be saying to small businesses is that they would need to sell a lot of cups of coffee or a lot of sandwiches to make €2,000 or €5,000 in profit,” said Mr Deery.

For more, read this week’s Connacht Tribune.

Get the Connacht Tribune Live app

The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

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