Ireland Inc - Still open for business
With all the negative publicity about Ireland Inc, it is easy to forget what Ireland has going for it at the moment. In an attempt to bring some positivity into the discourse I am going to argue why we should be optimistic about the future.
Ok, so everyone is going to suffer higher taxation and less money in the pocket over the next few years. However we can be thankful for the job the IDA has done and continues to do to bring Foreign Direct Investment in to Ireland, particularly from the United States. Ireland’s low corporation tax is one of the key drivers for companies to choose Ireland as their EMEA headquarters, but there are a number of reasons why they decide to stay here once they have come.
These include a growing competiveness due to the economic adjustment that is taking place reflected in reduced salaries and property prices. Salaries have reduced between 5-20% over the last 2 years and commercial property by a staggering 55%. Cost of living has also dropped, with consumer prices dropping by 1.7% in 2009.
Ireland has some of best people in the world. So what does that mean?! We are highly educated with sought after skills and technical knowledge that other countries simply can’t compete with. Feedback from the international business community is that businesses in Ireland have a strong work ethic and high productivity in comparison with other nations. Irish staff have also proved to be adaptable and flexible in testing times. In addition, we have a diverse workforce of many different nationalities with different language skills, which mean we are able to support European operations from Ireland.
Ireland is seen as a leader in promoting the green agenda and protecting business interests by having strong intellectual property protection.
Over the last 10 years Ireland’s infrastructure has undertaken an immense overhaul. We now have a road network to be proud of and finally, a second terminal at Dublin airport.
And there’s more…Of the worlds top 10 ICT companies, 7 chose Ireland as the hub to base themselves. We have 16 of the world's top 20 pharmaceutical companies operating here and over 50% of the worlds top banks have chosen Ireland as a base.
As long as Ireland’s Corporation Tax continues to be competitive at 12.5% we have a lot to be positive about. The multinational companies will continue to employ hundreds of thousands of people in Ireland, and provide capital and employment when times are tough. A few steps back, maybe, but we’ll stride again.
Ok, so everyone is going to suffer higher taxation and less money in the pocket over the next few years. However we can be thankful for the job the IDA has done and continues to do to bring Foreign Direct Investment in to Ireland, particularly from the United States. Ireland’s low corporation tax is one of the key drivers for companies to choose Ireland as their EMEA headquarters, but there are a number of reasons why they decide to stay here once they have come.
These include a growing competiveness due to the economic adjustment that is taking place reflected in reduced salaries and property prices. Salaries have reduced between 5-20% over the last 2 years and commercial property by a staggering 55%. Cost of living has also dropped, with consumer prices dropping by 1.7% in 2009.
Ireland has some of best people in the world. So what does that mean?! We are highly educated with sought after skills and technical knowledge that other countries simply can’t compete with. Feedback from the international business community is that businesses in Ireland have a strong work ethic and high productivity in comparison with other nations. Irish staff have also proved to be adaptable and flexible in testing times. In addition, we have a diverse workforce of many different nationalities with different language skills, which mean we are able to support European operations from Ireland.
Ireland is seen as a leader in promoting the green agenda and protecting business interests by having strong intellectual property protection.
Over the last 10 years Ireland’s infrastructure has undertaken an immense overhaul. We now have a road network to be proud of and finally, a second terminal at Dublin airport.
And there’s more…Of the worlds top 10 ICT companies, 7 chose Ireland as the hub to base themselves. We have 16 of the world's top 20 pharmaceutical companies operating here and over 50% of the worlds top banks have chosen Ireland as a base.
As long as Ireland’s Corporation Tax continues to be competitive at 12.5% we have a lot to be positive about. The multinational companies will continue to employ hundreds of thousands of people in Ireland, and provide capital and employment when times are tough. A few steps back, maybe, but we’ll stride again.
Labels: hays ireland, Ireland economy, Ireland employment, Ireland good news, Ireland optimism, Jobs Ireland
posted by James Milligan
2 Comments :
Excellent and accurate piece. Ireland Inc have got what it takes to become successful again. This time we are doing it with a truly realistic view of commerce and competition coupled with national pride.
Enough breast beating .. now is the time for decisive positive and profitable action.
As well as our ICT, pharmaceutical and medical equipment industries, largely due to FDI, we shouldn't forget our agricultural industry, the strongest indigenous engine of growth (no pun intended). I agree that we have to be positive about what we do well. In my view, the average Irish person works really hard and with integrity and imagination. We just let the other shits take charge.
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