The decision by Nypro to set up a manufacturing facility here in Waterford for its medical device business is a boon for the whole South East region.
This project will involve an investment of €19 million and will lead to the creation of over 200 high quality jobs here in Waterford. In short, this is a tremendous vote of confidence in the region.
I’m actually very familiar with the work that Nypro do as I had the chance to visit their Bray operation recently to announce the expansion of its medical device operations.
I had the opportunity to see the amazing work they do in inventing and manufacturing new medical devices for customers all over the world.
I also learned of Nypro’s recent experience in reinventing itself, in transferring its skills to entirely new markets to ensure it remains competitive and relevant.
Ireland too is in the process of reinventing itself. We are transitioning the economy away from the old failed economic model of property and debt to a plan based on exports, enterprise and innovation.
Ireland now has well established, internationally recognised strengths in the med tech and manufacturing sectors. We consistently seek to build on these and provide the right environment to ensure that companies, such as Nypro, continue to expand their operations here and to compete successfully in international markets.
The Government’s plan is starting to yield results. Last year saw the second year of economic growth. We are expected to grow again this year at a rate that beats many of our European neighbours. Private sector job creation has on average grown by 1,000 jobs a month over the past 15 months.
Although, I fully recognise that many parts of Ireland, including Waterford, have had an extremely difficult time as a consequence of the property bust and recession. That it can still be hard to see any benefits of emerging economic recovery.
But the plan is working. Today’s announcement is a massive vote of confidence in the region.
New business are hiring again. Eishtec is a major success story in the region. Last year the IDA organised 33 site visits to the region with potential investors, up from 13 in 2011. There has also been a major focus on stimulating Start-Ups in the region and we hope to see new indigenous growth in the coming months and years.
The recent recession has taken its toll on Waterford but I firmly believe that there is a better tomorrow for the city and the region. That new enterprise and jobs are being built on a sustainable base and won’t suffer the devastating whims of property booms and busts.
I’m delighted that a dynamic company such as Nypro will be part of Waterford’s economy. From speaking to James and Noel earlier this morning, I know that the quality of people and the supportive environment here in Waterford played no small part in the company’s decision to locate here.
This new investment, which is supported by IDA Ireland, again highlights Ireland as a world class location for high end manufacturing. And it is a strong demonstration of the advantages Ireland has to offer leading global companies, such as Nypro.
I would also like to take the opportunity to thank Minister Richard Bruton, his Department and the IDA team for their commitment to encouraging and securing the best in foreign direct investment for Ireland and the South East region.
I want to wish Nypro every success in this project and offer the ongoing support of the Irish Government as it continues to grow its operations here in Ireland.
Nypro can be proud of their achievement and ambition.
And Waterford can be proud of its offering as a first-class location to live, work and invest.