Western Development Commission makes record levels of investment in landmark year

THE Western Development Commission (WDC) last described 2023 as ‘a landmark year’ in which it secured a record investment of over €11 for various enterprises in the western region.

The Ballaghadereen-based state agency secured an additional €11 million in EU funding for regional development – representing the highest level of investment in the agency’s history.

This funding, strategically deployed in collaboration with companies seeking finance, involves the WDC taking a stake in these enterprises as they scale, with all funds reinvested across the region or providing repayable loan finance.  

Notable 2023 investments include €500,000 in Peroptyx, who are building a data-driven global technology company from Mayo.

Over 80 percent of the WDC’s business investments in 2023 were follow-on investments. 

In 2023, the agency secured a direct regional investment of €11.62 million over the next three years. This funding has been harnessed by the WDC from EU sources and it is intended that these initiatives will engage with over 1000 SMEs.

The Connected Hubs network, originally launched along the West of Ireland by the WDC, has surpassed expectations with 336 hubs nationwide.

These hubs serve as a crucial support system for growing businesses, accommodating start-ups, scale-ups, and international companies seeking a flexible location without the burden of office overheads.

As the exclusive state entity dedicated to promoting living, working, and relocating to the West of Ireland, the WDC spearheaded multiple initiatives throughout 2023.

It WDC submitted key findings across critical areas such as regional airports, rail, EV charging, and Eirgrid, reinforcing its commitment to influencing strategic decisions. 

WDC CEO Allan Mulrooney said their investments ‘underscore our commitment to fuel growth and innovation in the Western region’.

Mr Mulrooney also acknowledged that many rural towns and villages were still being faces with ‘exceedingly challenging situations’.

“The WDC calls for greater urgency in delivering critical enabling infrastructure projects outlined in National Development Plans,” he said.

While the WDC stands ready to support and drive innovation, it is crucial to recognize the immediate necessity for a united effort to tackle foundational issues. The West and North West face a significant infrastructure deficit, particularly in energy infrastructure, our electricity network and transport network. 

“This deficiency hinders our economic growth, investment appeal, and the region;s ability to attract residents. It is imperative that we prioritize and expedite these projects to ensure equitable development and bring the West and North West up to par with the rest of the country.”