Fine Gael TD for Galway West & Mayo South

‘Galway well-positioned to benefit from new Action Plan for Jobs ’

‘Galway well-positioned to benefit from new Action Plan for Jobs ’

Galway has the potential to benefit considerably from measures included in the Action Plan for Jobs announced this week by Minister for Jobs, Enterprise and Innovation, Richard Bruton, TD.

The Action Plan for Jobs includes three significant measures:

  1. An Innovation Fund into which €120 million will be invested to fund the development of companies in high technology sectors;
  2. An Overseas Entrepreneurs Fund which will target the Irish diaspora, including not only those with Irish ancestry but those who have studied and worked here, and will focus on key growth industries such as IT and Medical Technologies;
  3. A Temporary Partial Loan Guarantee Scheme which will be operational from early 2012 and under which Government will partially guarantee (envisaged at 75%) loans to viable businesses that have been refused credit by banks.

Commented Galway West Deputy, Seán Kyne: “Galway is particularly well positioned to benefit from the three key components of the Action Plan for Jobs. The Innovation Fund, Overseas Entrepreneurs Fund and the Loan Guarantee Scheme will be relevant and beneficial to sectors already present in Galway.

“Sectors such as Internet technologies, Gaming, Cloud Computing and Medical Devices are already firmly established here and the three initiatives will encourage entrepreneurship and promote business expansion which in turn protect and create jobs.

“In the past number of months we have seen major investment in the Gaming and Medical Devices sectors in Galway which have had much-needed positive effects on the local economy. The new funds and guarantee scheme will build on existing growth and consolidate Galway’s position as Ireland’s centre of excellence for the IT, Gaming and the Medical Technologies sectors.”