The new President of Ibec has said Ireland faces "significant challenges that must be addressed head on" - including infrastructure deficits.
Colin Hunt, the chief executive of AIB, also said despite the current global economic uncertainty, he believes the country "stands on the threshold of great opportunity."
He made the comments as he takes on his new position with the business group from today.
The AIB boss was elected by the representative body's National Council to serve in the role, succeeding the Head of Meta Ireland Anne O'Leary.
Mr Hunt said it is a "great honour to serve as Ibec President and to represent the business community in Ireland, both at home and abroad."
"Despite the current global economic uncertainty, Ireland stands on the threshold of great opportunity. Yet we also face significant challenges that must be addressed head on," he said.
"While the country is growing economically, demographically, technologically and globally, the infrastructure required to support our growth, potential and aspirations is not keeping pace," he added.
"This generation must consider how we can create a lasting impact in addressing these issues. The decisions we make today will reverberate for decades to come, shaping the Ireland that our children and grandchildren will inherit," Mr Hunt stated.
He said it is time to deliver "bold and sustainable solutions" and to "summon the same spirit of innovation, character and determination that has carried us through previous adversity."
The AIB CEO said his focus as president of Ibec will be to work with government, industry, communities and the group's members to "develop the ideas, policies and partnerships required to drive meaningful progress and realise Ireland's ambition."
Speaking about the appointment, the chief executive of Ibec said Colin Hunt's extensive experience and leadership across financial services, economics and public policy will be "a tremendous asset to Ibec's work this year."
"Working with Ibec and our board, I know Colin will bring enormous leadership qualities to key priorities for business and wider society," Danny McCoy said.
"These include addressing the growing deficit in national infrastructure, meeting the skills needs required to embrace current technological challenges, and ensuring progress remains firmly rooted in an unwavering commitment to sustainability," Mr McCoy added.
Colin Hunt, who holds a PhD in Economics from Trinity College Dublin, was appointed chief executive of the AIB Group and executive director on the AIB Board in March 2019.
He joined AIB in August 2016 as managing director of Wholesale, Institutional and Corporate Banking.
Mr Hunt was previously the managing director of Macquarie Capital and he served as a special policy adviser at the Departments of Transport and Finance, as well as research director and chief economist at Goodbody Stockbrokers along with previously holding the position of head of trading research and senior economist at Bank of Ireland Group.
