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(Bloomberg) — Belfast Harbour announced a £1.3 billion ($1.7 billion) plan to expand and upgrade the Northern Irish port, in a bid to capitalize on trade demand and boost the region’s economy.
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The 25-year blueprint sets out plans for additional capacity at the UK port, as trade volumes increase across the island of Ireland but constraints loom for the Republic of Ireland’s Dublin port, around 100 miles (160.9 kilometers) further down the east coast.
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It also aims to increase economic output for the UK region that has slower growth than the Republic, which benefits from a lower corporation tax rate and has attracted many US multinationals including Meta Platforms Inc. and Eli Lilly & Co.
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An Ulster University and Grant Thornton analysis found the planned investments would underpin an increase in economic output to approximately £12 billion in Gross Value Added annually from trade handled and support almost 5,500 construction jobs.
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The first stage of the plan, that runs to 2029 and includes a deep-water quay, a new cruise terminal, and a re-purposing of the site for offshore wind, is already part-funded. However, later phases of the plan involving a clean energy hub and increased cargo capacity require more funding.
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For port projects, reclassifying Belfast Harbour’s accounting status is needed so the company can borrow more, according to the plan document. The Northern Ireland devolved assembly supports that change, it added. It is exploring commercial partnerships.
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“As capacity tightens at key ports on the Irish east coast, we are putting the scale of our estate to work providing the planned capacity the island needs,” Joe O’Neill, Chief Executive of Belfast Harbour, said.
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