New Connacht-Ulster Tech University set to boost Ireland’s economy by € 600m
A new technological university (TU) in the north-west of the country would provide an estimated boost of € 600 million to the Irish economy, new research shows.
The North and West Regional Assembly (NWRA) conducted a study that estimated this figure.
He found that each expenditure of € 1 by the new technological university of Connacht-Ulster is likely to result in an overall increase of almost € 4 in the output of the Irish economy.
This boost will be possible through gains in research, innovation and education, as well as supporting up to 3,000 jobs, according to the NWRA.
It was announced in May that a University of Connacht-Ulster was taking a further step after three Institutes of Technology (IT) submitted a formal application to become a TU.
Galway Mayo IT, IT Sligo and Letterkenny IT merge to create the new institution with eight campuses in four counties and also encompassing Enterprise Centers in Co Leitrim.
It is expected to be one of three new TUs to be established next year as part of a radical change in the higher education landscape in Ireland. However, the NWRA stressed today that it is not a done deal.
NWRA Director David Minton said the TU Connacht-Ulster submission “shows how essential the new university has become to supporting economic activity in a world where everything increasingly depends on a smart and skilled workforce and a source of ideas that improve effectiveness, efficiency and competitiveness in all sectors of society and the economy.
In its submission, the NRWA calls on the government to strengthen the research and innovation capacity of the Northwest to stimulate the region’s economy to help its recovery from the economic impact of Covid-19 and of Brexit.
He also calls on higher education institutes in the North West to have improved research infrastructure and equipment after being the only region in Ireland to be ranked as a ‘moderate innovator’ in the ‘regional scorecard of innovation ”of the EU in 2021.
In contrast, the South, East and Midland regions were classified as “Strong Innovators”.
Mr Minton said the region is currently “trapped in a paradox”. He added, “The more communities need innovation, the harder it is to invest effectively and integrate into the global economy.
“This is very evident in the north and west of Ireland, but investing in our higher education system can clearly close this gap. “