The UK and Ireland have enhanced their economic partnership at the second UK-Ireland Summit held in Cork, where Prime Minister Sir Keir Starmer announced a £937 million investment from Irish companies, expected to generate approximately 850 jobs across the United Kingdom.
This investment, sourced from 15 Irish firms operating in various sectors such as artificial intelligence, renewable energy, telecommunications and corporate services, is set to foster economic growth in communities throughout the UK, including London, Doncaster, South Wales and Scotland. It forms part of a wider effort to strengthen economic and strategic cooperation between the two countries.
Ahead of the summit, Prime Minister Starmer emphasised the importance of closer UK-Ireland collaboration amid global economic uncertainty and increasing living costs. He highlighted the investment as a testament to the flourishing cultural, commercial and security ties between the nations. The government frames this investment as a validation of the UK’s Modern Industrial Strategy, aimed at attracting high-value international investment and enhancing productivity and sustainability in key industries.
Enterprise Ireland, the Irish government’s trade and innovation agency, has supported many of these investments. The agency reports that the UK remains Ireland’s primary export market, with nearly two-thirds of Irish companies maintaining a physical presence in the UK and most planning to expand their investments in the coming year.
A business roundtable in Cork preceding the summit gathered senior figures from UK and Irish companies across energy, infrastructure and technology sectors to explore investment opportunities and economic collaboration. Robert Adams, president of FOCUS Capital Partners, noted London’s status as a global financial centre as a key factor for international investment firms expanding into the UK.
Energy security emerged as a focal point during the summit, with both governments welcoming progress on two major energy interconnectors linking the UK and Ireland. One project will connect Wales and Ireland, delivering enough electricity to power around 570,000 homes, representing at least £740 million in private investment. A second interconnector between Northern Ireland and the Republic of Ireland aims to reduce electricity costs and enhance energy resilience on both sides of the border.
The summit also addressed security concerns regarding critical infrastructure, with the UK and Ireland agreeing to improve cooperation in protecting subsea fibre optic cables vital for economic activity and national security. Joint exercises will be conducted to test responses to potential incidents affecting these cables, amidst concerns over their vulnerability to sabotage or disruption.
The investments announced at the summit span various sectors and regions across the UK. Irish technology firm Version 1 plans to create around 400 roles in Northern Ireland in areas such as artificial intelligence and digital transformation. Telecommunications infrastructure company Step Telecoms will invest £25 million in a new 200-kilometre fibre optic cable linking the Welsh coast to major data centre hubs in Newport.
Several companies are also expanding in the property and infrastructure sectors. The O’Flynn Group is continuing its investment in the UK’s student accommodation market, including a £35 million development in Manchester. Other projects include Johnston Fitout Group’s new showroom and office expansion in Doncaster and a £170 million investment by Gas Networks Ireland to decarbonise compressor stations in Scotland.
These projects reflect the deepening economic ties between the UK and Ireland, with both governments seeking to enhance collaboration across industries critical to long-term growth, energy security and digital infrastructure. Prime Minister Starmer noted that the strengthened partnership between the two countries is delivering tangible benefits for workers and businesses on both sides of the Irish Sea.
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