The UK and Ireland strengthened their economic partnership as leaders met in Cork for the second UK-Ireland Summit, where Prime Minister Sir Keir Starmer announced £937 million in new Irish investment, expected to create around 850 jobs across the UK.
The investment comes from 15 Irish companies operating in industries ranging from artificial intelligence and renewable energy to telecommunications and business services. The projects will support economic growth in communities across the UK, including London, Doncaster, South Wales and Scotland, and are part of a wider initiative to deepen economic and strategic cooperation between the two countries.
Ahead of the summit, Starmer said closer cooperation between Britain and Ireland was vital at a time of global economic uncertainty and rising pressure on the cost of living.
“As people on both sides of the Irish Sea feel pressure on the cost of living, we are investing in partnerships that will make us better off and safer,” he said. “The UK’s close friendship with Ireland continues to grow stronger and this new investment is part of a much larger picture of thriving cultural, commercial and security relationships.”
The Prime Minister added that strengthening relationships with key partners would help the UK address global challenges while promoting economic stability for families and businesses.
The new investment is also portrayed by the government as a vote of confidence in the UK’s modern industrial strategy, which aims to attract high-quality international investment and increase productivity and sustainability in key industries.
Many of the investments have been supported by Enterprise Ireland, the Irish government’s trade and innovation agency, which recently released data showing that the UK remains Ireland’s top export market. According to the agency, almost two-thirds of Irish companies already have a physical presence in the UK and the majority plan to increase their investment over the next 12 months.
A business roundtable held in Cork ahead of the summit brought together senior figures from British and Irish energy, infrastructure and technology companies 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 location for international investment firms expanding into the UK.
“The UK is an extremely attractive market for investment,” said Adams. “Expanding our presence in London will enable us to work more closely with ambitious UK companies and support Irish and international investors seeking opportunities in the market.”
Irish engineering services company Ayrton Group also confirmed plans to expand its UK operations, citing the size and diversity of the UK market as key reasons for its investment strategy.
Managing director Kieran Linehan said the company had long viewed the UK as its key strategic expansion destination.
“The UK market has always been a perfect fit for us,” he said. “Its size, the strong cultural and business ties between our countries and the shared language make it easier for Irish companies to grow here compared to many other international markets.”
In addition to economic investment, energy security emerged as a key focus of the summit. Both governments welcomed progress in developing two major energy interconnectors linking the UK and Ireland.
One project will connect Wales and Ireland, providing enough electricity to power around 570,000 homes and representing at least £740 million of private investment in both countries. A second interconnector between Northern Ireland and the Republic of Ireland will help reduce electricity costs and increase energy resilience on both sides of the border.
Interconnectors allow countries to share electricity across national grids, balancing supply and demand. They can allow the UK to export excess renewable energy to European markets and import cheaper electricity when needed.
The projects are also part of wider efforts to strengthen energy cooperation across the Irish Sea as governments seek to accelerate the transition to cleaner energy sources while maintaining stable energy supplies.
Beyond energy, the summit also addressed growing security concerns related to critical infrastructure. The United Kingdom and Ireland agreed to increase cooperation in protecting undersea fiber optic cables that carry large amounts of digital communications and support both nations’ economic activity and national security.
Both countries will conduct joint exercises to test responses to possible incidents involving these cables, reflecting concerns about the vulnerability of undersea infrastructure to sabotage or disruption.
In addition, the two governments updated their defense agreement to strengthen cooperation in the areas of maritime security, cyber threats and defense procurement.
The updated agreement includes measures to improve information sharing and coordination in response to hostile activity in the Irish and Celtic Seas, including threats from Russian ships and so-called “shadow fleet” shipping networks used to evade sanctions.
The investments announced at the summit span a wide range of sectors and regions across the UK. Irish technology company Version 1 plans to create around 400 new jobs in Northern Ireland in areas such as artificial intelligence, engineering and digital transformation. Aviation technology specialist Amach has announced a £45m investment to create 150 highly skilled jobs across the UK over the next three years.
Telecoms infrastructure company Step Telecoms will invest £25m in a new 200km fiber optic cable connecting the Welsh coast to key data center hubs in Newport.
Meanwhile, Irish investment firm Elkstone has launched a €200 million venture capital fund, with around 20 percent of the capital earmarked for start-ups and scale-ups in Northern Ireland.
Several companies are also expanding in the real estate and infrastructure sectors. The O’Flynn Group is continuing its investment in the UK student accommodation market, including a £35 million project in Manchester that will deliver 173 new student beds.
Other projects include Johnston Fitout Group’s new showroom and office expansion in Doncaster, as well as a £170m investment by Gas Networks Ireland to decarbonise compressor stations in Scotland.
Taken together, the projects reflect the deepening economic relationship between the UK and Ireland, with both governments looking to strengthen collaboration between sectors critical to long-term growth, energy security and digital infrastructure.
Starmer said strengthening the partnership between the two countries would deliver tangible benefits for workers and businesses on both sides of the Irish Sea.
“The actions this administration has taken to reset relationships with our closest allies and deepen partnerships are paying off,” he said. “It will help us withstand global challenges and protect the money in the pockets of families across the country.”
