Trinity College Dublin has unveiled plans to develop a new €1 billion campus at Grand Canal Quay.

The 5.5-acre Innovation District, which is based on other similar schemes in Boston, Toronto and Barcelona, aims to significantly strengthen Ireland’s competitive advantage when developing new indigenous companies or competing for foreign direct investment. Overall, the facility will focus on improving links between academia, established enterprises and start ups.

To support the future growth and development of the area, Taoiseach Leo Varadkar will establish an Advisory Group to develop and agree a vision for the Grand Canal Innovation District, which will;

• Develop and agree a vision for the Grand Canal Innovation District which would build on relevant existing policy frameworks and objectives for enterprise, academia, research and urban development

• Consider how the District could help position Dublin within Europe and globally as a leading location for technology investment and innovation

• Focus in particular on strengthening links between existing multinational companies in the area, SMEs and start-ups, and academic and research institutions, to build a stronger more sustainable innovation ecosystem

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The Taoiseach said: "I am really excited about this plan to further develop the Silicon Docks as an Innovation District involving a collaboration of business, Government and the university sector. It speaks eloquently to our vision of making Ireland the tech capital of Europe and our plans to ensure that the jobs of the future are created first here in Ireland. The development of the District will also help to ensure the continued balanced development of the area to the benefit of the local community.

"Many high-tech companies already have their European headquarters here, we have a young and talented workforce, a consistent and competitive corporation tax regime and a strong reputation for attracting and encouraging investment. However, we can’t take this for granted and we always need to look at ways to improve Ireland’s competitive edge.

"We have to ask ourselves; how can we market Ireland and Dublin as the ideal location for the next wave of investment? As the world changes around us, we must continuously adapt and future-proof our economy. The development of the Grand Canal Innovation District is an exciting opportunity to build a world-class innovation district where companies, researchers and entrepreneurs link up, to identify new products or services and discuss how they might be brought to market."

The Provost of Trinity, Dr Patrick Prendergast, said: "The presence of a world class university at the heart of the Grand Canal Innovation District will be the catalyst for collaboration and partnership between industry and universities.

"I am therefore delighted to announce that Trinity has decided after much thought to commit to taking the historic step of developing a second campus dedicated to technology and innovation on a designated site adjacent to Grand Canal Quay and Macken Street in the heart of the district. This 5.5-acre site is ideally suited to the proposed use and will transform the existing area."

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(LM)