A senior figure in a leading multi-national company with a Mayo base has called for the establishment of a €1bn development fund for the county – and he hopes his “bold” initiative will soon come to pass.
John Caulfield of Baxter has also proposed a novel zero per cent tax rate to attract start-up companies with a total focus on the export markets.
Mr Caulfield’s calls were among the most striking suggestions to emerge from business workshops at the 11th World Mayo Convention in Westport on Saturday.
“The €1bn fund might seem ludicrous at first reading, but the reality is that a huge amount of State and European investment already comes into Mayo each year. What I’m proposing is that this money be pooled together under a Mayo Integrated, Sustainable and Strategic Plan,” said Mayo native Mr Caulfield.
“We need one entity with one voice, properly staffed and capable of maintaining a significant development fund.”
Mr Caulfield believes Mayo County Council could be the agency to “pull together a bold initiative of this magnitude”.
He added: “Mayo County Council represent all aspects of development in Mayo, and also have the ability and staff to interact with all Government departments.
“The council has a bias towards action, which is what is needed at this time, and they have also have strong entrepreneurial capabilities. I would see the council as the obvious voice to pull together and administer the Mayo Integrated, Sustainable and Strategic Plan.
“One cohesive organisation, putting one case for Mayo, with the support of the people of Mayo, could target areas of funding in central Government.”
On the zero per cent tax rate for exporting companies, he said this was “essential to stimulate the development of companies who look beyond the Irish market.” He added: “Exports will be even more crucial in the future, and anyone who has exported knows that it takes time to build market share.
“It doesn’t happen overnight. That’s why I believe we should have the zero per cent rate for start-up, exporting companies. It would give them a boost at a crucial time in their evolution, and help to create jobs.”
Mr Caulfield was speaking as part of a four-person panel discussing the future of the multi-national sector in Mayo.
All four speakers – Bernard McGuinness (Coca-Cola ), Joan Fitzgerald (Allergan ), George McNicholas (Hollister ) and Mr Caulfield – highlighted Ireland’s favourable corporate rate tax as a key factor in attracting and maintaining new investment. Approximately 4,000 people are employed in the multi-national sector in Mayo.
Responding to Mr Caulfield’s call for an integrated strategy, led by the council, Mayo county manager Peter Hynes said he would “welcome the challenge”. He added that it would require significant change, but felt Mayo might be a good county in which to test the theory on a pilot basis.
