Ten Reasons on why Ireland is such a Great Country to do Business in!

Hey guys!

Hope you enjoyed last weeks post and feel like you know me more now.

I'm back again and this week we are going to discuss the reasons why Ireland is such a great country to do business in with the focus on foreign direct investment (FDI).

We are going to delve into four key areas in today’s discussion...these include talent, infrastructure, quality of life and Ireland’s economy.

Talent

Highly Educated Graduates

First off, we have an extremely highly educated population in Ireland. The skilled graduates contribute hugely to the technology and science sectors. A few interesting statistics surrounding this statement are that we have the highest measure of STEM graduates per capita of 20–29-year-olds in the EU. In addition to this 62.3% of 23–34-year-olds have completed third level education. I this is a huge credit to the robust education system in this country!

Ongoing Talent Development

The ongoing development of individuals is highly recognised in Ireland. This can be found due to the approach the country has on continuous training and development. Employees of (FDI) companies have access to a variety of subsidised free and subsidized programmes to upskill. These include specialist training in digital technologies, life sciences and manufacturing. The government also has 57 partnerships with industry bodies for agile responses to industry training needs. This ensures talent remains at a high level in the country.

                                                                    

                                                                    Infrastructure

Infrastructure

When we think of infrastructure, we find ourselves thinking of the basic amenities and services that allow a country to operate. A company in Ireland has robust access to a wide range of motorway networks that connect the country and allow for easy transportation. As an Island the country is easily accessible by sea and air through the many ports and airports in the country. The ongoing development of these infrastructure services is exciting and portrays the governments mission of continuous development.

Sustainable Energy Commitment

Sustainability is becoming a more pressing issue than ever before! With the continuous threat of global warming, it is important that companies are vigilant about their corporate social responsibility of sustainability. By 2023 our energy policy is committed to having up to 80% of our electricity being produced from renewable sources and a 50% reduction in harmful emissions. 

This is important for a company thinking of locating in this country and who want to play their part in saving the planet!

Ireland Always On

As we are home to some of the biggest technology firms in the world it is important that the country has prosperous connectivity and broadband infrastructure. No company can operate with slow internet! Ireland understands this as an essential need to complete effective business in the world today. This is why there is constant development to support the high capacity of our connectivity. A company who resides is accessible to the Tier 1 high-speed, networks that connect to the US, UK, and the EU.

Quality Of Life

Open, Diverse, and Multicultural

The importance of diversity is highly recognised in Ireland. We have over 200 different nationalities residing in this country. Diversity in everyday life allows for a more enhanced and prosperous functioning of a country. Of our Foreign Direct Investment (FDI) firms, 22% of them are international which is a figure I hope we can increase in the future years to come! 

Variety of Locations

The variety of locations a company can locate in is a huge factor in the decision-making process of locating in Ireland. From north to south and east to west there is a huge range of activities and attractions for individuals living in Ireland. 

This is important for companies as they look to attract suitable skilled employees to their workforce. Companies can attract a huge amount of their workforce by locating in regional locations. These locations promote lower living costs for potential employees than in the bigger cities. It is no surprise that 65% of working professionals live outside of Dublin.

Ireland’s Economy

Exporting Powerhouse

When it comes to the economy of Ireland we can be described as an exporting powerhouse. This comes through the extensive exporting capabilities for companies from this country. (FDI) firms have had the capabilities to export a wide range of products from pharmaceuticals, technology, food, and beverages along with a wide range of other products. In 2020, 72% of our exports were from multinational companies and we are currently ranked as the 2^nd country for commercial exports which is a huge achievement. This can certainly be viewed as a huge benefit of locating in this prosperous country.

Pro-Business Environment

The previous figures align with the point of Ireland being a Pro-business environment. Throughout the years we have persistently ranked as one of the countries in the world to carry out business. this has promoted FDI in recent years. Within the EU the country is ranked as the 4^th most competitive economy along with being 12^th globally. Ireland is also ranked as 3^rd globally for high level FDI projects. I think statistics are impressive and are a credit to our small country!

Committed EU Member

My final point for today is about the European Union. An astonishing 83% of Irish people are positive about EU membership. A further 88% believe that Ireland has benefited from EU membership. These figures really portray the engagement and relationship Ireland has with the EU. If a company was to locate in Ireland, they would be accessible to the similar benefits of EU membership.

I hope everyone enjoyed todays post and learned something new about why Ireland is a great country to carry out business.

Have a great day everyone!

Nathan