During the 20th century, Ringaskiddy changed from a fishing village to a centre of transport and industrial activity. It is now one of the largest employment hubs in County Cork. The village is close to a number of tourist areas, including Crosshaven, Currabinny and Monkstown.
A Martello Tower exists on the hilltop at Ringaskiddy, with other forts and towers in the harbour. This tower can be reached from the Loughbeg road and overlooks Cork Harbour.
Ringaskiddy is an important industrial centre, particularly for pharmaceutical companies such as Centocor, GlaxoSmithKline, Hovione, Novartis, Pfizer, and Recordati. Most of the world's supply of the erection-treatment drug Viagra is manufactured there. Ringaskiddy port handles much of the vehicle imports for the southern part of Ireland.
An application to locate a domestic waste incinerator in Ringaskiddy was rejected by An Bord Pleanála in 2011. The incinerator's proponents, Indaver Ireland, claimed the facility would have relieved pressure on the country's landfill programme. However, locals and environmentalists feared the incinerator would have had a grave impact on health and the environment in the harbour area. They also expressed concerns over the proposed site's location in an area prone to flooding. Indaver Ireland have said that they have not abandoned their plans.
The National Maritime College of Ireland was officially opened in Ringaskiddy on 30 March 2006, and has drawn a student population to the village. The college provides the only training in Ireland of Merchant Navy personnel, and the Irish Naval Service also carry out their non-military training there. The Irish Naval Service base at Haulbowline is 3 kilometres from Ringaskiddy on the L2545 local road.
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