UK-Ireland summit brings £937m investment and 850 jobs across UK regions

The UK and Ireland strengthened their economic ties as leaders met in Cork for the second UK-Ireland Summit, where Prime Minister Sir Keir Starmer announced £937 million in new investment in Ireland which is expected to create around 850 jobs in the United Kingdom.

The investment comes from 15 Irish companies operating in sectors ranging from artificial intelligence and renewable energy to telecommunications and enterprises. The projects will support economic growth in communities across the UK, including London, Doncaster, South Wales and Scotland, and form part of a wider drive to deepen economic and strategic cooperation between the two countries.

Speaking ahead of the conference, Starmer said closer cooperation between the UK and Ireland was vital at a time of global economic uncertainty and rising cost of living pressures.

“As people on both sides of the Irish Sea feel the cost of living is falling, we are investing in relationships that make us better and safer,” he said. “The close friendship between the UK and Ireland is growing stronger, and this new investment is part of a much bigger picture of a thriving cultural, commercial and security relationship.”

The Prime Minister added that strengthening relationships with key partners will help the UK meet global challenges while supporting economic stability for families and businesses.

The new investment is also designed by the government as a vote of confidence in the UK’s Modern Industrial Strategy, which aims to attract high-value international investment and drive productivity and stability across key industries.

Most of the investment was supported by Enterprise Ireland, the Irish government’s trade and innovation agency, which recently published data showing that the UK is still Ireland’s most important export market. According to the agency, almost two-thirds of Irish companies already maintain a physical presence in the UK and most plan to increase their investment in the next 12 months.

A business roundtable held in Cork ahead of the conference brought together senior figures from UK and Irish companies across the energy, infrastructure and technology sectors to discuss investment opportunities and economic cooperation.

Robert Adams, president of FOCUS Capital Partners, said London’s position as a global financial center made it a natural base for international investment firms expanding into the UK.

“The UK is a very attractive market to invest in,” said Adams. “Expanding our presence in London allows us to work closely with aspiring UK companies and support Irish and international investors looking for market opportunities.”

Irish engineering services company Ayrton Group has confirmed plans to expand its operations in the UK, citing the size and diversity of the British market as key reasons for its investment strategy.

Managing director Kieran Linehan said the company had long considered the UK as a strategic area for expansion.

“The UK market has always been a natural fit for us,” he said. “Its scale, the strong cultural and business ties between our countries and the shared language make it easier for Irish companies to grow here compared to other international markets.”

Along with economic investment, energy security has emerged as a major focus of the conference. Both governments have welcomed progress on the development of two major energy links linking the UK and Ireland.

One project will connect Wales and Ireland, bring enough electricity to power around 570,000 homes and represent at least £740 million in private investment in both countries. A second link linking Northern Ireland with the Republic of Ireland is expected to help reduce electricity costs and strengthen energy security on both sides of the border.

Interconnectors allow countries to share electricity across national grids, helping to balance supply and demand. They would enable the UK to export more renewable energy to European markets while importing low-cost electricity when needed.

The projects are also part of wider efforts to strengthen Ireland’s offshore energy partnership as governments seek to accelerate the transition to clean energy sources while maintaining stable energy supplies.

Beyond energy, the summit also addressed growing security concerns about critical infrastructure. The UK and Ireland have agreed to improve cooperation in the protection of subsea fiber optic cables, which carry the bulk of digital communications and support economic activity and national security in both nations.

Both countries will carry out joint exercises to assess the responses to possible incidents affecting these cables, showing concern about the vulnerability of underwater infrastructure to destruction or disruption.

Additionally, the two governments renewed their defense memorandum of understanding to strengthen cooperation on maritime security, cyber threats and defense procurement.

The revised agreement also includes measures to improve information sharing and cooperation in response to hostile activity in the Irish and Celtic Seas, including threats posed by Russian vessels and so-called “shipping” networks used to evade sanctions.

Investments announced at the conference cover many sectors and regions across the UK. Irish technology company Version 1 plans to create up to 400 new roles in Northern Ireland in fields such as artificial intelligence, engineering and digital transformation. Aviation technology specialist Amach has announced a £45 million investment to create 150 highly skilled jobs across the UK over the next three years.

Communications infrastructure company Step Telecoms is to invest £25 million in a new 200km fiber optic cable linking the Welsh coast to major data center sites in Newport.

Meanwhile, Irish investment firm Elkstone launched a €200 million fund, with around 20 percent of the capital earmarked for startups and scale-ups in Northern Ireland.

Several companies are also growing in the construction and infrastructure sectors. The O’Flynn Group continues to invest in the UK student accommodation market, including a £35 million development in Manchester which will deliver 173 new student beds.

Other projects include a new Johnston Fitout Group showroom and office expansion in Doncaster and a £170 million investment by Gas Networks Ireland in compressor decarbonise stations in Scotland.

Together, the projects show the deepening of the economic relationship between the UK and Ireland, both governments want to strengthen cooperation in all industries important for long-term growth, energy security and digital infrastructure.

Starmer said strengthening the relationship between the two countries would bring tangible benefits to workers and businesses on both sides of the Irish Sea.

“The initiative taken by the government to restore the relationship and deepen the relationship with the close ones is bearing fruit,” he said. “It will help us face global challenges and keep money in the pockets of families up and down the country.”