Some €12 billion needs to be invested more than trebling the amount of motorway and dual carriages on the island of Ireland to underpin economic growth as the population rises over the 35 years, according to business lobby groups.
Ibec and CBI, the two main business lobby groups in the Republic and Northern Ireland, said in a report published Monday estimates that the population of the island will reach 10 million by 2050.
The State’s population rose by almost 170,000 since 2011 to 4.76 million, according to the results of the latest census, published earlier this month. Northern Ireland’s population stood at 1.85 million at the end of last year
“The economic and population growth currently underway on the island of Ireland, with growing demand on the network being created by more people, goods and services moving around the island, creates a compelling case for consideration [OF]this proposal as an immediate strategic investment priority,” said the report.
Ireland and Northern Ireland currently have 1,450 kilometres of motorway and dual carriageway network, with the rest made up of single carriageway roads. This needs to rise to 5,000km so that 85 per cent of the population will be within 10km of their nearest route.
Mary Rose Burke, director of corporate, strategic and international affairs at Ibec, said that following years of under-investment, some 1 per cent of gross domestic product now needs to be spent a year on developing the island's road network.
However, with government finances still under strain, she said that the projects would have to be delivered by public private partnerships, possibly with the help of finance from the Irish and Northern Ireland strategic investment funds, to keep them off-balance sheet. Other funding options include the European Investment Bank and a €315 billion fund spearheaded by EU Commission president Jean-Claude Junker.
Ms Burke said a priority needs to be place on rolling out a "c ring" road, most likely developed in stages, from Belfast to Derry and around the western coastline of the country to Cork.
