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Ireland Update Spring 2014. Ireland Update Spring 2014 Ireland Capital: Dublin Population: 4.5 million Official languages: English and Irish Currency:

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Presentation on theme: "Ireland Update Spring 2014. Ireland Update Spring 2014 Ireland Capital: Dublin Population: 4.5 million Official languages: English and Irish Currency:"— Presentation transcript:

1 Ireland Update Spring 2014

2 Ireland Update Spring 2014 Ireland Capital: Dublin Population: 4.5 million Official languages: English and Irish Currency: Euro Major trade partners: US, UK, Eurozone, Asia and Australia Major industries: ICT, Life Sciences, Financial Services, Med Tech, Online, Agriculture and Tourism © American Chamber of Commerce Ireland 2014

3 Ireland Update Spring 2014 The Irish economy today Ireland is continuing to see economic growth Government budget deficit has decreased every year since 2008 Exports at all time high of €177 billion Over €500 million in pro-jobs tax measures included in Budget 2014 Employment grew by 61,000 in 2013 GDP is forecast to grow by 2.1% during 2014 © American Chamber of Commerce Ireland 2014

4 Ireland Update Spring 2014 Exiting the Bailout Ireland successfully exited the EU/IMF/ECB Bailout in December 2013 Banks have been recapitalised & restructured Financial regulatory system transformed Mortgage Arrears Resolution Targets set GDP is forecast to grow 2.1% The key objectives of the programme have been achieved and the conditions set by the Troika have been delivered The Managing Director and Chair of the IMF, Christine Lagarde, said: “Ireland has successfully completed its EU-IMF supported program. Steadfast policy implementation by the Irish authorities has underpinned the achievement of core program objectives: stabilizing the financial sector, significantly improving the fiscal position, and regaining market access. Renewed job creation and a range of positive indicators signal an emerging recovery. As a result, Ireland is now in a much stronger position than when its program began.” © American Chamber of Commerce Ireland 2014

5 Ireland Update Spring 2014 Overall impact of FDI 1,033 multinationals now have operations in Ireland Employing 161,112 Indirectly employing 274,000 Multinationals spent €20.8 billion in the Irish economy in 2013 €8 billion on payroll €2.4 billion on Irish materials €10.4 billion on Irish services A further €1.3 billion was invested in research and development Contributed $2.8 billion in corporate tax to the Irish Exchequer Accounted for €120.8 billion in exports © American Chamber of Commerce Ireland 2014

6 Ireland Update Spring 2014 The Irish-US Economic Relationship US in Ireland: - 115,000 Jobs Companies - $204 billion in FDI stock - 72% of all inward investment - 26% of Ireland’s GDP Ireland in the US: - 130,000 Jobs Companies - 2,600 locations across all 50 states - $25 billion in FDI stock © American Chamber of Commerce Ireland 2014

7 Ireland Update Spring 2014 The Social Impact of US companies 2280 Projects 80,000 + Employees 164,756 Volunteer Hours 5,040 Days 96 Years Projects were in the fields of: Education Health & Environment Community Support Overseas Aid Aid & Sport © American Chamber of Commerce Ireland 2014

8 Ireland Update Spring : In projects were won: 78 first time investments 59 expansions 27 R&D projects There was success in attracting FDI across all sectors but particularly in digital media/content, ICT, international services, life sciences and business services. American companies made 118 investments - accounting for 72% of IDA announcements in © American Chamber of Commerce Ireland : In the first three months 13 projects were won: 1120 jobs will be created 7 first time investments 6 expansions Investment Continues!

9 Ireland Update Spring 2014 Key sectors Ireland is home to: ICT: 10 of the top 10 global companies Born on the Internet: All of the world’s top 10 companies Gaming: 3 of the top 6 global companies Pharmaceuticals: 9 of the top 10 pharmaceutical companies Medical Devices: 15 of the top 20 Med Tech companies Engineering: 7 of the top 10 Industrial Automation companies Financial Services: 50% of the world’s top banks © American Chamber of Commerce Ireland 2014

10 Ireland Update Spring 2014 ICT Ireland is home to: 10 of the top 10 global ICT companies 9 of the top 10 global software companies 3 of the top 3 global security software companies 3 of the top 3 global enterprise software companies 4 of the top 5 IT services companies 105,000 people are employed in the technology sector in Ireland Ireland has one of the highest concentrations of ICT activity and employment in the OECD ICT exports are worth €72 billion per annum © American Chamber of Commerce Ireland 2014

11 Ireland Update Spring 2014 Online Ireland is home to: The top 10 ‘born on the internet companies’ 3 of the top 6 gaming companies The biggest names in social media Ireland is becoming known as a hub for ‘hosting data’ Ireland’s culture of innovation and adaptability ensure a Potential for growth in this fast-paced industry © American Chamber of Commerce Ireland 2014

12 Ireland Update Spring 2014 Pharmaceuticals Ireland is home to: 9 of the top 10 pharmaceutical companies in the world 24,500 people directly employed in the sector 24,000 people indirectly employed providing support services €55 billion Pharma/Bio/Chemicals of pharmaceuticals in the world Pharmaceuticals and Chemicals accounted for 30% of Ireland’s exports in 2013 © American Chamber of Commerce Ireland 2014

13 Ireland Update Spring 2014 Medical Devices Ireland is home to: 15 of the top 20 Med Tech companies 250 Med Tech firms in Ireland 25,000 employed in the industry €7.2 billion annual value of Irish Med Tech exports 2nd largest exporter of medical technology in Europe Irish Med Tech exported directly to 95 of the world’s top 100 countries ranked by their GDP © American Chamber of Commerce Ireland 2014

14 Ireland Update Spring 2014 Financial Services Ireland is home to: 50% of the world’s top bank firms located in Ireland 33,000 employed in the sector 7th largest provider of wholesale financial services in the EU Financial services accounted for 9% of Ireland’s exports in th largest international banking market © American Chamber of Commerce Ireland 2014

15 Ireland Update Spring 2014 What is made in Ireland? 33% of the world’s contact lenses 50% of ventilators used in acute hospitals worldwide 100% of the world’s Botox 80% of the world’s medical stents An injectable device that 30 million diabetes sufferers rely on 45% of the world’s Tic Tacs – 36 Tic Tacs produced per second! 12 million Jelly Beans a year Sudocrem was invented and still produced solely in Dublin 1 in 5 burgers served in McDonald’s across Europe is made with Irish beef © American Chamber of Commerce Ireland 2014

16 Ireland Update Spring 2014 Living and working in Ireland Ireland has plenty to offer the skilled workers from around the world who come to work and live here. Ireland is a culturally rich and diverse environment with something to offer all interests. Music – for a small island Ireland has made a significant contribution to the world of music. Home-grown and international talent can be enjoyed in the wide range of gigs, concerts and festivals which are held throughout the country. Sport – GAA, Football, Rugby, Golf are all popular around the country. Art and Literature – Ireland is the birthplace of some of the world’s greatest writers; Beckett, Heaney, Joyce, George Bernard Shaw, Wilde and Yeats to name but a few. © American Chamber of Commerce Ireland 2014

17 Ireland Update Spring 2014 Global endorsements Ireland topped Forbes’ list of ‘The Best Countries for Business’ 2013 IMD World Competitiveness Yearbook ranked Ireland: 1st Flexibility and Adaptability of workforce 1st Investment Incentives 1st Attitudes towards globalisation 2nd Openness to foreign investors 3rd Availability of skilled labour 3rd Corporate tax rates and real corporate taxes IMD Global Location Trends 2013 ranks Ireland 4th for FDI job creation and 1st with regard to average value of investment projects. The Global Innovation Index 2013 ranks Ireland the 10th most innovative country. © American Chamber of Commerce Ireland 2014

18 Ireland Update Spring 2014 Global endorsements Ireland is ranked 15th for Global Ease of Doing Business It is also considered the world’s third most globalised economy 1st in Western Europe for ‘Best to Invest’ Ranked as the second best performing country in relation to jobs created from inward investment relative to population Ireland is ranked as the number one destination country by average value of investment project 2012 Ireland ranked 18th in the Global Talent Competitiveness Index 2013 Ireland was 20th out of 122 countries in the Human Capital Index 2013 © American Chamber of Commerce Ireland 2014

19 Ireland Update Spring 2014 Why Ireland for FDI? THE GOLDEN PYRAMID OF: TAX TALENT COMPETITIVENESS © American Chamber of Commerce Ireland 2014

20 Ireland Update Spring 2014 Tax Ireland has a competitive and transparent taxation system 12.5% corporate tax rate 25% R&D tax credit Tax write-off for broadly defined Intellectual Property (IP) acquisitions Transparent tax and legal system Ireland has signed 70 double taxation treaties with other nations © American Chamber of Commerce Ireland 2014

21 Ireland Update Spring 2014 Talent Ireland’s workforce is a key feature in her attractiveness as a location for investment The country provides a young and educated labour force Ranked 1st for flexibility and adaptability of workforce Ranked 1st in Europe for attaining third level education Ranked 3rd for availability of skilled labour Ranked in the top 10 for quality of education Dublin was ranked 1st in the world for human capital © American Chamber of Commerce Ireland 2014

22 Ireland Update Spring 2014 Competitiveness Ireland has made progress in regaining its cost competitiveness Ranked 17th in the IMD Competitiveness Yearbook in 2013 Ireland’s productivity is c. 40% above the EU27 baseline Only country in the EU to experience a decrease in inflation between 2008 and 2012 Ireland ranked in the top 10 for ‘Ease of starting a business’ © American Chamber of Commerce Ireland 2014

23 Ireland Update Spring 2014 Conclusion The Irish economy is returning to growth Ireland has successfully exited the bailout and maintained investor confidence FDI is at an all-time high in the country The US remains the single largest source of investment in Ireland The golden pyramid of Talent, Tax and Competitiveness are at the core of our success Ireland is the ‘Best Country to do Business’! © American Chamber of Commerce Ireland 2014

24 For Further Information American Chamber of Commerce Ireland Tel: +353 (0) | | | | Disclaimer: The information contained in this document is meant for general information purposes only. The information contained in these notes is not guaranteed, although the American Chamber has aimed to ensure its accuracy. Any expressions of opinion are subject to change without notice.


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