Minister Killeen Confident That Shannon Free Zone Will Maintain Competitive Edge Into The Future

Minister Tony Killeen said that today’s announcement of a EUR7million R & D investment by Schwarz Pharma in Shannon is a significant boost to the local pharmaceutical sector.

[ClickPress, Thu Sep 20 2007] Minister of State and Clare T.D., Mr. Tony Killeen said that today’s announcement by Minister for Enterprise, Trade and Employment, Mr Micheál Martin TD of a EUR7million R & D investment by UCB Schwarz Pharma in Shannon is a significant boost to the local pharmaceutical sector.

He continued, “This investment further enhances Shannon and the Midwest Region’s long-standing status as a centre for investment and innovation and will help maintain the Shannon Free Zone’s competitive edge into the future.”

Minister Killeen said that the EUR7m investment was especially significant as it coincided with the preparation by Shannon Development of a comprehensive master plan for a major regeneration programme at the Free Zone.

“The Free Zone continues to be a location of choice for global businesses across a variety of industries. This investment will invoke confidence in other businesses within the pharmaceutical sector, along with any company considering relocating to Shannon”, he added.

Minister Killeen explained, “Innovation and R&D are central to the operation and competitive success of every SME or multinational firm. The length of time and resources that companies invest in R&D dictates whether they remain competitive and gain new markets. Therefore, today’s announcement by Schwarz Pharma bodes well for the future of the local pharmaceutical sector and, indeed, the Shannon Free Zone.”

Commenting on the continued investment by companies in the pharmaceutical sector, Minister Killeen said, “Foreign Direct Investment for the Pharmaceutical sector in Ireland is 40 years old. The country has secured major investments from nine of the top ten companies in the world, and twenty-eight of the top fifty companies.”

“Ireland is one of the world’s largest exporters of Pharmaceuticals - EUR33bn in 2006. The sector is the largest contributor of Corporation Tax, contributing around EUR900m in 2006. Current employment for the sector is some 20,000 while indirect Employment is substantial”, he concluded.

-ENDS-

Notes to Editor:
- Tony Killeen T.D., Minister of State at the Department of Environment Heritage and Local Government and Communication Energy and Natural Resources with special responsibility for Environment and Energy, is available for interview and further comment on 0035387-2525304.
- Alternatively please contact Mark Dunphy of Dunphy Public Relations on 00353868534900 or media@dunphypr.com
- High resolution image of Minister Killeen available on request

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