The secrets of attraction: how Ireland lures multinationals|
If 2020 was a year most people would rather forget, there was at least some cause for Irish eyes to smile. Even in the face of the Covid-19 pandemic, Ireland’s economy grew by 3.4 per cent, figures revealed in March.
The relative resilience of Ireland’s economy was buoyed by its continuing success in attracting foreign direct investment (FDI), which proved highly resilient during 2020.
It helped, of course, that Ireland is strong in key sectors that survived and even thrived during the pandemic, especially ICT, medtech and pharmaceuticals.
Today, 257,000 people are directly employed by foreign direct investment (FDI) in Ireland, a 35 per cent increase over five years. In the first quarter of 2021, IDA Ireland clients, the government agency in charge of attracting FDI, accounted directly for 11.5 per cent of national employment, up from 10.7 per cent in 2019.
“To be adding jobs at this level looks like a remarkable outcome,” said IDA Ireland’s CEO Martin Shanahan in January 2021, before adding that “we cannot rest on our laurels and take investment for granted.”
Nonetheless, it augurs well for growth: Ireland’s economy is projected to increase by 4.6 per cent in 2021 and 5.0 per cent in 2022, according to the European Commission’s Spring Economic Forecast. Growth FDI is responsible for 463,000 jobs in the Irish economy
257,000 people are directly employed by FDI in Ireland. Source: IDA Ireland
Ireland is one of the world’s most open economies; proportionally it has the fourth highest international workforce in the EU. Visit Cork, for instance, and you will find plenty of multinational companies (MNCs) that have had a base in the city for decades — including Pfizer, Boston Scientific, DePuy Synthes, Stryker, Pepsi, GSK and Eli Lilly.
Ireland’s success in attracting investment through pro-business policies, committed EU membership, and its youthful talent pool are widely acknowledged. Its educated workforce, in particular, will stand it in good stead coming out of the pandemic.
Youth is on Ireland’s side, too. “We have the youngest population in Europe — about half the population is under the age of 34. So there’s a strong pool of talent here,” says Rachel Shelly, Head of Medical Technologies at IDA Ireland, “but through our EU membership we also have access to the European market for talent — that’s been a great benefit for multinationals.”
MNCs frequently cite the Irish workforce’s adaptability and flexibility as a key benefit. “Companies can evolve what they’re doing: they can scale, they can pivot and the workforce will adapt with them,” says Shelly.
In 2019, FDI contributed €25.2 billion to the Irish economy. Source: IDA Ireland Growth Ireland is home to…9 of the top 10 pharma companies in the world
14 of the world’s 15 top medtech companies Source: IDA Ireland
There are plenty of other draws — not least for US multinationals the fact that Ireland is the only English-speaking country in the eurozone, providing a gateway to the European market. Significantly, interest has started coming from other directions. “We are increasingly seeing Ireland’s attractiveness as a European base being recognised by Asian investors, who in turn may be able to leverage Ireland as a platform for the US and other markets,” says Liam Diamond, Head of FDI/International Tax, PwC Ireland. Another strength would be the fact that the country is the fastest growing digital economy within EU. That has helped during the pandemic as businesses have turned to new ways of doing business.
To drive further transformation, the new Advanced Manufacturing Centre in Limerick, is designed to help MNCs and small and medium sized enterprises (SMEs) to digitise their manufacturing and adopt and scale the latest technologies to drive the next wave of manufacturing.
More broadly, IDA Ireland and other government agencies, such as Enterprise Ireland and Science Foundation Ireland, have over several decades applied joined-up thinking in identifying emerging trends and nurturing collaborative business ecosystems in Dublin and regional clusters in cities such as Cork, Limerick and Galway. Galway has become a global hub for medtech and is home to 14 of the world’s top 15 medtech companies, part of a nexus of interconnected businesses — SMEs, OEMs, MNCs — in a co-location with Cúram, the transdisciplinary research centre based at the National University of Ireland, Galway that brings academics and industry together to develop next-generation medical devices.
Ireland is home to 20 of the world’s top 25 financial services companies. Source: IDA Ireland We have the youngest population in Europe – about half the population is under the age of 34. So there’s a strong pool of talent here. Liam Diamond Head of FDI/International Tax, PwC Ireland.
Being a small country helps foster these collaborative connections. “The scale of our island means you’re never within a long distance from a university or from another academic centre,” notes IDA Ireland’s Shelly.
Ireland’s Disruptive Technologies Innovation Fund (DTIF), worth €500 million, exemplifies the drive towards interconnected development. The DTIF promotes collaboration between MNCs and SMEs and academics on cutting-edge research into next-generation solutions. “We’re very much about driving that ecosystem for the good of industry and academia,” says Shelly.
IDA Ireland is encouraging further growth through its five-pillar 2021-2024 strategy, which includes a raft of investments such as €116bn for infrastructure and capital works under Ireland’s National Development Plan.
In attracting future growth, Ireland’s track record on FDI is a proof point in itself. “Investors want a ‘tried and tested’ location,” says PwC’s Diamond. “One of the first questions they ask is ‘who from my sector has already used Ireland?’ and this track record gives them great comfort.” 30%
Almost 30 per cent of higher-education students in Ireland are enrolled in STEM courses. Source: IDA Ireland The Evolution of Growth Related Content Exploring Ireland’s FDI attraction Making waves in tech on Ireland’s west coast For software veteran Joe Smyth, Galway’s thriving start-up scene owes its strength to a supportive ecosystem and melting pot of cultures Forging connections in Dublin again A cohesive culture and can-do attitude help make the Irish capital a buzzing tech hub, as Tonia Luykx explains Going viral in Dublin TikTok’s Julie de Bailliencourt explains why the social media phenomenon chose Dublin as a base Can Ireland turn itself into a green tiger? Ireland fared relatively well during the Covid-19 pandemic. But beyond the crisis lies the longer-term challenge of sustainability.
Private investment linked to immigration and funds allocation to Asian people. Target investments by Bartra are social housing and nursing homes for the elderly. This is an earlier posting on Watchers.ie
Views on Ireland’s Hidden Controversial Issues
Beaumount Lodge Nursing Home in Artane is run by Bartra Healthcare? It is Alleged Vulnerable people are not getting the Proper Care in the Home. Only one phone Line; Families cannot get any Information on their Loved ones…Why? HSE should do a Emergency Call at the Bartra Lodge for the Wellbeing of the Vulnerable Residents. One source informed us, of one elderly man’s Horror Story of his 5 week Stay at Beaumount Lodge, Bartra owned?
Posted by Fred Bassett
Don’t vandalise my area with nursing home, pleads Pat Kenny
In a bid to block a nursing home being built near his opulent Dalkey home, Pat Kenny is throwing badgers, Cinderella and accusations of ‘vandalism’ at the project to get it stopped.© Provided by Extra.ie
The veteran broadcaster and his wife Kathy have claimed plans to build a five-storey nursing home beside their south Dublin abode amount to ‘vandalism’.
They also reference the Cinderella fairy tale and how the 104-bedroom nursing home project planned for a site beside his home would certainly not be a happy ending for the couple.© Provided by Extra.ie Pat Kenny his wife Kathy have claimed plans to build a five-storey nursing home beside their south Dublin abode amount to ‘vandalism’. Pic: Gareth Chaney/Collins Photos
The Kennys and other neighbours are even hoping that badgers will come to their rescue in blocking the build as they have co-commissioned a consultant ecologist to speak on behalf of their furry neighbours.
The couple’s personal objection to the plans by Bartra Capital is a hard-hitting 15 pages long, running to over 5,000 words.
The Kenny submission is one of 37 lodged by locals with Dún Laoghaire Rathdown County Council concerning the planned scheme with Dalkey Community Council, adding its weight behind the strong local opposition against the Bartra plan.© Provided by Extra.ie The nursing home plan, seen here as an artist’s impression.
In their objection concerning the proposed development site, the Kennys remark: ‘As in the pantomime, we suggest that the developers are attempting to stuff an “Ugly Sister’s foot into Cinderella’s delicate slipper”.’
Currently the local residents enjoy ‘a peaceful, quiet, sylvan setting, surrounded by nature,’ the Kennys argue.
They said the proposal inserts ‘a monolithic concrete structure effectively in the middle of back gardens of current residents adjoining the site’. And they are leaving no stone unturned in their opposition against the plan.© Provided by Extra.ie Currently the local residents enjoy ‘a peaceful, quiet, sylvan setting, surrounded by nature,’ the Kennys argue. Pic: VIP Ireland
Along with their 15-page objection, the Kennys are also signatories to a separate group objection drafted by planning consultant, Hendrik W van der Kamp. Eleven other households have also signed up to the group objection where Mr van der Kamp argues that the proposed development would seriously injure residential amenities of adjoining property due to an oppressive impact on the views from these houses.
Also together with eight other households in the area, the Kennys have commissioned a consultant ecologist, Billy Flynn, to make a separate submission on the residents’ behalf on the impact that the planned nursing home will have on badgers in the area.
In his report, Mr Flynn warns that any attempts to exclude or translocate badgers as part of the proposed scheme ‘would result in the extinction of this badger group’.© Provided by Extra.ie In their own objection, the Kennys state that the proposed development site for the nursing home is located in an old quarry which ‘has created an oasis and a safe habitat for both humans and the creatures of the natural world’. Pic: Gareth Chaney/Collins Photos
A badger conservation plan lodged on behalf of Bartra claims the development will not have a significant impact on the badger sett structure once proposed mitigation measures have been implemented.
In their own objection, the Kennys state that the proposed development site for the nursing home is located in an old quarry which ‘has created an oasis and a safe habitat for both humans and the creatures of the natural world’.
They argue: ‘This proposal would change the entire character of the neighbourhood, and hugely diminish the enjoyment that each currently has in their own property.© Provided by Extra.ie In a bid to block a nursing home being built near his opulent Dalkey home, Pat Kenny is throwing badgers, Cinderella and accusations of ‘vandalism’ at the project to get it stopped. Pic: Fran Veale
‘Placing a five-storey building in this setting amounts to vandalism.’
The Kennys also state that if the nursing home is permitted, it ‘would detrimentally impact’ on their home, The Anchorage, which adjoins the nursing home site to the south east.
The Kennys argue that the build ‘would also set a precedent that could ultimately seriously damage the character of the area’.
The couple say that the proposal should be refused on a number of grounds. They claim: ‘The development proposed would utterly change the character of the neighbourhood, by inserting what is effectively a large commercially driven five-storey project into a two-storey domestic housing environment.’© Provided by Extra.ie The Kennys argue that the build ‘would also set a precedent that could ultimately seriously damage the character of the area’. Pic: Photocall Ireland
On the traffic impact of the proposal, the Kennys argue that the proposed scheme ‘as well as grossly interfering with our legal right to unhindered passage across the laneway to our home, both during construction and after completion, it will inevitably lead to congestion/parking on Harbour Road, which is already extremely challenged’.
On behalf of Dalkey Community Council, Dr Susan McDonnell has requested that planning permission be refused ‘in view of our widespread concerns’.
Fine Gael councillor Mary Fayne has also lodged an objection and she that she is strongly against the scheme due to its inappropriate location and how it would overlook several homes.
The application, rising from two to five storeys, comes 18 months after Bartra secured the green light for 18 apartments and six houses on the 1.4-acre Yonder site.© Provided by Extra.ie Fine Gael councillor Mary Fayne has also lodged an objection and she that she is strongly against the scheme due to its inappropriate location and how it would overlook several homes. Pic: Fine Gael
Bartra only obtained planning permission for the apartments from An Bord Pleanála after a planning battle with local residents, including the Kennys, over the apartment scheme.
The nursing home plan replaces the apartment plan initially proposed for the site.
However, planning documents lodged with the application contend the nursing home scheme will have a significantly reduced impact on the Kenny home and neighbouring properties than the permitted apartment scheme.
In the documents lodged on behalf of Bartra by Thornton O’Connor Town Planning, Patricia Thornton has stated that unlike the permitted scheme, there is no development in the southern portion of the site and this significantly reduces the impact of the property on the surrounding dwellings at the southern end.
Ms Thornton also contends that what is proposed will provide ‘a much needed nursing home facility for the area’.
A decision is due on the application next month. If Bartra is unsuccessful with the proposed scheme, the company can still proceed to construct the permitted apartment scheme.
Social housing depleted since 1980’s; homeless families exceed 8,000 yet people complain when somebody/company see an opportunity and taken on the risk for 25 years for being Landlord based on private profit model and the Local Authorities funding same. We need the housing for our families; psychological damage is harming them especially their children when they are forced to live hand to mouth, in B&B’s and in unsuitable housing conditions, sleeping on couches or worse in hostels or tents. What’s your view?28 Apr, 2021
Published by Fred Bassett
Political searcher of the truth; I also expose corruption and cronyism and also help whistleblowers. View all posts by Fred Bassett
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