Corporate Plan 2008 - 2012 - Belfast Harbour

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Page 14 According to an independent study conducted by cebr, the Port’s activities directly and indirectly support 187,000 jobs which represent 27% of Northern Ireland’s entire workforce.
Section 7 Key Business Issues Economic Context Performance of the Port and its Property interests is inextricably linked to the performance of the Northern Ireland (NI), Republic of Ireland (RoI), United Kingdom and global economies. The principal drivers for the business remain the economies of NI and RoI with GDP growth over the Plan period projected at 3% and 4% respectively. General economic growth is reflected in anticipated increases in port traffic particularly in the container and Roll-on / Roll-off sectors (unit load) where volumes are expected to continue to grow at twice the rate of the general economy. The Port of Belfast has a dedicated ‘Capital Spend Programme’ to cope with the anticipated growth and such sums are included within the overall projected spend of approximately £160 million during the period of the Plan. Mindful of the lead times associated with the creation of marine facilities, the Port commissioned cebr (Centre for Economics and Business Research) to provide a report on the impact of the Port on the Northern Ireland economy and to determine future capacity requirements. The study’s main findings included: • The Port of Belfast and the other NI ports are required to deliver by 2025 an increase in capacity of between 65% and 109% • The value of goods transacted through the Port of Belfast in 2006 was £19.5 billion • The Belfast Harbour Estate is home to organisations employing 17,000 people • 27% of Northern Ireland jobs are at enterprises that depend on the Port • 31% of Northern Ireland GVA is generated by enterprises that depend on the Port Delivery of the Port’s portion of the increase in capacity required by 2025 will necessitate further land reclamation and an estimated investment of £630 million. As failure to provide adequate port capacity will constrain the growth of the economy, it is essential that those factors which impact upon the NI Trust Ports’ ability to finance such expansion are addressed. For the Port of Belfast one key factor is the need to optimise the level of revenue returns from its Property Portfolio. The Property Division contribution is a key means of funding the necessary base infrastructure spend. Governance Context Public Corporation status The most significant regulatory matter confronting the Port of Belfast (and other Trust Ports) remains the issue of Public Corporation status. It is widely held that Public Corporation status, and the consequence that Trust Ports be treated as part of the Public Expenditure Regime, is a completely inappropriate construct for Trust Ports in Northern Ireland. From the Ports’ position the impact on decision making, commercial relationships and funding will, in all probability, result in an undersupply of capacity to the market with very detrimental effects on the regional and all-island economies. At the same time the funding of port projects would become part of overall governmental spending and consequently reduce the scope the Northern Ireland Executive has to progress other vital elements of its Programme for Government. The Port of Belfast’s position is that removal from Public Corporation classification is an imperative and much consideration has been given by the Department for Regional Development and the Port to identify a practical solution to the issue. Page 15
Page 1 and 2: Port of Belfast Corporate Plan 2008
Page 3 and 4: Contents 1 Chairman’s Summary 2 T
Page 5 and 6: Section 1 Chairman’s Summary Over
Page 7 and 8: Section 2 The Trust Port Construct
Page 9 and 10: Section 3 Purpose, Values and Visio
Page 11 and 12: Section 4 Business Goals • Operat
Page 13: Section 6 The Port of Belfast Busin
Page 17 and 18: The Port of Belfast is Ireland’s
Page 19 and 20: The Port’s Safety Systems have re
Page 21 and 22: In July 2007, the Port announced pl
Page 23 and 24: Regeneration projects facilitated b

Corporate Plan 2008 - 2012 - Belfast Harbour

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