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IDA Ireland welcomes Delegation from the Faroe Islands Brendan Halpin

IDA Ireland welcomes Delegation from the Faroe Islands Brendan Halpin Manager International Media 20 th September 2005. IDA Ireland. A state agency with its own board Attracts FDI to develop economy Builds relationships with inward investors Targets: - Quality of investments

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IDA Ireland welcomes Delegation from the Faroe Islands Brendan Halpin

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  1. IDA Ireland welcomes Delegation from the Faroe Islands Brendan Halpin Manager International Media 20th September 2005

  2. IDA Ireland • A state agency with its own board • Attracts FDI to develop economy • Builds relationships with inward investors • Targets: - • Quality of investments • Regional spread • New business areas • Employs 295 people

  3. IDA Structure Government Minister for Enterprise, Trade & Employment Science Foundation Ireland IDA Ireland Forfas Enterprise Ireland Policy Research & Advice Support for Irish-owned Board (12 Members) Science & Technology businesses (including Support for Science and Research trade & technology) Chief Executive Executive Committee Sectoral Divisions, Regions & Overseas 295 People

  4. THE IRISH ECONOMY 1990 2004 GDP €m 36,312 137,867 GDP per capita € 10,357 35,197 Merchandise exports 18b 81b Total Debt GDP 96.4% 33% Total Labour Force 1.310m 1.92m Unemployment 176,000 84,000 Unemployment 13% 4.4% Inflation 3.4% 2.2%

  5. Importance of FDI in Ireland STATUS • IDA Clients 1,054 • Total employment 129,000 • Total annual sales -€ 70bn IMPACT • > 80% of Manufactured exports • > 25% of gross domestic product • Technology and management skills • Global orientation

  6. Key Sectors • Information Technology • Pharmaceuticals • Medical Technologies • International and Financial Services

  7. Information Technology • Europe’s leading Information Technology location • Over 300 companies exporting €28 billion • Intel building their most advanced wafer fabrication costing €2 billion • Google, eBay, Overture, Bell Labs

  8. The Pharmaceutical Industry in Ireland • No. 1 location in Europe for international pharmaceutical investment • 13 of the World’s top 15 companies • 83 Companies employing 17,000 people • World’s largest biopharma plant (Wyeth) • Exports of €34 billion • Blockbuster products • Lipitor, Viagra, Botox , Zyprexa, Zocor

  9. Medical Devices • Europe’s leading location for the medical device industry • 80 companies exporting over €3bn • Employing 18,000 people • 13 of the World’s top 20 companies present in Ireland • Integrated manufacturing, R&D, customer support and value added services

  10. International Services Strong clusters built • Software Development • Shared Services • Financial Services • Customer Support Centres

  11. Financial Services Established in l987 to avail of world-wide expansion of financial services • 450 stand alone IFSC operations approved • a further 700 entities under out-sourced management • Over 12,000 people are directly employed in the IFSC sector

  12. Success in the 90’s WHY? • US boom, IT growth, EU Single Market • People, skills, costs • Corporate tax • Public policy e.g. Education • Performance of Irish managers • Flexibility, agility, creativity

  13. Success in the Future “Ireland a Knowledge Economy” Re-enforcing Ireland’s claim to be a knowledge economy are three key pillars: • A Quality Education System • Innovation Systems that bring together researchers and businesses in commercial applications of science and technology. • An Economic & Institutional Framework that ensures a stable macroeconomic environment, competition, flexible labour markets and adequate social protection.

  14. Strategy for Multinational Investment Continue Core Activity • Grow existing base • Attract new FDI • Create clusters • New business areas

  15. IDA’s Marketing Process • Identify and access target companies • Build relationships and understand needs • Match our offering to their needs • Provide ‘one stop shop’ service • Deliver offering and perform to promises • Provide top quality aftercare • Continue and deepen relationships

  16. Thank YouFor futher information see our web site www.idaireland.com

  17. Corporate Tax • 12.5% rate for all corporate trading profits • Consistent Policy • Agreed with EU

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