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Ireland Entering the Market

The well known saying, the luck of the Irish, refers to an ability to prosper against adversity. Economically, Ireland has avoided tribulation in recent times but it doesn't mean that the Irish haven't prospered. Seamus Healey, James Joyce, U2, Riverdance and the small matter of St Patricks Day, are testament to Ireland's cultural prowess and the Irish pub is a symbol of warmth and hospitality across the world. Ireland's centuries of history and ancient beauty is complimented by a youthful and cosmopolitan population, with modern economic tendencies. As with most stories of success, there is more than just luck involved in Ireland's prosperity.

Why Expand to Ireland?

Ireland has the youngest workforce in Europe with 36% of the population under the age of 25. With Irish government aiming to double the number of PhDs by 2013, it is committed to providing high levels of research excellence as it looks to maintain its knowledge-based economy. Low corporate tax and a pro-business attitude have seen Ireland emerge as an attractive investment centre for overseas businesses and Irish government actively promote collaboration between industry and academia. With financial incentives in the form of tax credits for investors and good infrastructure, Ireland has a thriving economy. Licensing or incorporting a business in Ireland are also valuable options.

Main Industrial Growth areas

• Transport - With Ireland looking to develop its transport system over the period upto 2015, projects to develop Dublins Metro, upgrade the M50 motorway and develop various park and ride facilities, are among the projects in the ambitious Transport 21 project.
• Environment - Ireland is spending over 4 billion euro on environmental projects to meet EU regulations. Objectives include sustainability, combating climate change and improving water facilities, including drinking water.
• Construction - Through its National Development Plan, Ireland has pledged 184 billion euro in its largest ever investment programme. With 7.62 billion euro pledged for Social Housing and over 5 billion euro budgeted for national roads, a number of investment opportunities exist.
• Food and Drink - Ireland is the UKs largest export market for food and drinks products. Opportunities exist across the sector, with specialist goods, such as organic produce, a particularly strong area.
• Healthcare - The Health Executive has an annual budget if 14.7 billion euro. Investment opportunities exist across the board, in areas ranging from pharmaceuticals to supply chain management.
• Energy - Ireland is pursuing a policy of deregulation in its energy industry, as it looks to create more competition for consumers and create a more sustainable and reliable way of providing energy to its customers. Licences for the provision of energy are available on an equitable basis as the government looks to develop a more sophisticated and efficient market.
  
  

Challenges foreign companies face

There are few obstacles for UK businesses looking to set up a business in Ireland. With Ireland a member of the EU and Irish business laws and regulations similar to those in the UK, Ireland is one of the easier countries to expand into. Consider also licensing or incorporating a business in Ireland.

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