Our People
Ireland has a population of 4.8m (2018)[1] with a median age of just 37.2.
The Irish can be found in every part of the world. Approximately 70 million people worldwide claim Irish ancestry – over 14 times the country’s population. Over 850,000 people who were born in Ireland live abroad.
The number of US residents who claim Irish ancestry is estimated at 32.3 million (10% of population) in 2016. Over 2 million people who identify themselves as Irish Australians make up the second largest ethnic group, or over 10%, of Australia.[2]
Our Place in Europe
EU membership is central to the success of our open, competitive economy.
It has been the cornerstone of social progress in Ireland over the last generation. Public support for EU membership is very high, with 92% wanting Ireland to remain part of the EU.
Ireland will therefore remain a core member of the EU single market and the Eurozone.
We have prepared well to meet the challenge posed by Brexit. Our Brexit priorities are clear: ensure the continued success of our economy, preserve and nurture the all-island economy, protect the peace process, the Common Travel Area and continue to play an important role in the EU.
Our Economy
Ireland’s economy continues to grow strongly and is in fact the fastest growing economy in the EU for the past two years, with unemployment down to 5.8% as of May 2018.
GDP rose by 5.1% in 2016 and by almost 7.8% in 2017. GDP per capita is US$ 69,330, higher than the UK.[3]
The Department of Finance is forecasting real GDP growth of 5.6% in 2018 and 4.0% in 2019.
Ireland’s debt to GDP ratio is also on a firm downward trajectory. Having peaked at just under 120% of GDP in 2012, it is projected to reach 66.0% of GDP in 2018 and to reach the 60% of GDP threshold by 2021.
The market reaction to our management of the public finances is clear and the cost of borrowing is close to historic lows. In 2011 the yield on ten year Irish government bonds reached 14%; it is now trading steadily at close to 1%.
Ireland now has an ‘A’ grade status from all major sovereign debt rating agencies, with all forecasting a stable outlook.
Why do business in Ireland?
Today, there are over 1300 foreign-headquartered companies from across the world doing business in Ireland employing over 200,000 people. Here is why you should consider joining them.
(i) Strong pro-business environment
Ireland has an open economy with a stable 12.5% corporate tax rate.
The country is a committed member of the EU and the Eurozone, with barrier-free access to 500 million consumers.
Ireland is the Euro Zone’s only English-speaking member. Moreover, 13% of the population are multilingual.[4]
Ireland is ranked the 17th easiest country in the world in which to do business (World Bank ‘Doing Business 2018’); 6th for overall competitiveness (IMD, 2017) and 1st globally for inward investment by quality and value (IMB Global Location Trends 2017).
Ireland is a leading choice for multinationals:
The country has a track record for attracting and retaining multinational companies. Today, companies from around the world have a presence in Ireland. These include:
- of the top 15 Med Tech companies including Abbott, Allergan, Boston Scientific, Medtronic, MSD, Stryker
All of the top 10 Pharma companies Novartis, Cook Medical, Pfizer, Merck, Lilly, GlaxoSmithKline, Abbott and Johnson & Johnson
16 of the top 20 global software companies Microsoft, Oracle, Dell, SAP, Telefonica, HP and IBM
We are an established internet hub with leading companies including Amazon, Google, Facebook, Twitter, LinkedIn, Microsoft, Apple, AOL, eBay, PayPal and Yahoo
20 of the top 25 financial services companies including J.P. Morgan, Barclays, Citi, Credit Suisse, Fidelity, AON, MasterCard, Deutsche Bank, Zurich have a presence.
Companies from the ASEAN region with a presence in Ireland include Flex, Wellman International, BOC Aviation, VT iDirect, Indorama, Data Management Systems, Advantech, Amanie Partners, Creative Labs, PES International, Kuok Group, Angelica Aircraft Assets, Keppel Data Centres,
(ii) Talent and Skills
One third of our population is aged under 25: the youngest in the EU (Eurostat 2016)
Ireland has a highly educated workforce:
52% of 25-34 year olds have a third level qualification (OECD) – higher than any other EU country.
Our education system ranks in the top ten in the world (IMD, 2016)
We have the highest proportion of science, maths and computing graduates in the OECD (FT FDI Intelligence 2016-2017)
Ireland’s workforce is highly competitive (2016 IMD World Competitiveness Yearbook):
1st in the world for the flexibility and adaptability of workforce
1st for a national culture open to foreign ideas
3rd most productive workforce
1st for attracting and retaining talent
5th for availability of skilled labour and 1st for availability of finance skills
15% of Ireland’s workforce is international: proportionally, Ireland has the 3rd highest international workforce in Europe.
(iii) Strong incentives for research and development
Ireland has a long history of scientific achievement and advancement[5]
Commencing in 1662 with the foundation of modern chemistry by Robert Boyle, Ireland introduced the world to seismology (Robert Mallet 1846), radiotherapy (John Joly 1914) as many other scientific achievement that benefit the world – and the journey continues today.
To promote innovation, the Irish Government encourages companies to undertake research by offering a substantial 25% tax credit against Research and Development.
Ireland is ranked 11th globally for overall scientific research quality (Nov 2017 – Thomson Reuters/Clarivate InCites), with R&D spending of €1.4 billion annually.[6]
Ireland has an outstanding performance in multi-disciplines, but most especially:
Nanotechnology, Animal and Dairy Science, Immunology – ranked 2nd globally in all three areas
Agricultural Sciences, Mathematics – ranked 4th in both
Materials Science – 5th
Chemistry – 6th
Science Foundation Ireland maintains a number of international partnership programmes for collaborative research including with China (National Natural Science Foundation), the USA (NSF and NIH) and the UK (Royal Society, Wellcome and others)
SPECIFIC SECTORS
International Education
Ireland’s reputation for high quality education is built upon a commitment to excellence. Our people are renowned for innovation, creativity and collaboration.
Ireland was ranked 2nd of 21 European countries and 1st among 19 EU member states surveyed for international student satisfaction (www.StudyPortals.com, 2016 survey). Two Irish colleges – UCC and Mary Immaculate – were included in a list of 14 colleges across Europe ranked by international students as ‘Outstanding’.
In Ireland we place great value on our education system. Education and innovation have driven the growth of our knowledge economy, producing graduates that are suited to today’s technology-intensive industries. We are home to many of the world’s top ICT companies including Intel, Ernst and Young, IBM and Hewlett Packard.
People from all over the world today receive their education in Ireland, with 41% coming from Asia, 30% from North America and 20% from the EU with the rest of the world making up the remaining 9%.[7]
In particular, the number of Thai students studying in Ireland has increased threefold, from 40 three years ago to 120 last year.
Half of our undergraduate entrants are female, reflecting confidence in the safety and security that Ireland offers.
International Financial Services (IFS)
Ireland is a globally-recognised centre for specialist IFS – home to over 400 IFS companies including over 200 foreign-owned and another 200 indigenous IFS companies. The sector provides more than 42,000 jobs across the country.
Ireland is No. 1 location worldwide for hedge fund administration
Over €4 trillion of assets under administration – over 13,000 funds and promoters from 50 countries
17 of the top 20 global banks have a presence in Ireland.
Half of the top 20 insurance companies have a presence in Ireland
Ireland is now a thriving centre for FinTech research and innovation and the perfect place for you to source your Fintech solutions.
Aviation Finance
Ireland is a centre of excellence for the air finance and leasing sector with 14 of the world’s top 15 largest leasing companies having operations based in here. Ireland now has +60% share of the global leasing market with a total estimated value in the region of US$125 billion.
Eight of the top 10 global aviation lessors and over 60% of the world’s leased commercial aircraft are owned or managed from Ireland.
Aircraft maintenance and manufacturing facilities are located across the State with clusters in Dublin and Shannon providing a wide range of services including, but not limited to, design, production, testing, electronics, avionics, manufacture and supply of equipment and components as well as the provision of an array of consultancy, training, software development and validation, human resource and maintenance services.
Agri-food Sector
Agri-food, Ireland’s largest indigenous industry, is performing extremely well. Food and drink exports are up by over 60% since 2010, reaching €12.6 billion in 2017.
Irish food and drink is exported to over 180 markets around the world;
Almost one third of exports in 2017 were to non-EU markets.
Through Origin Green, Ireland is on its way to being a global leader in sustainable food production, with innovative quality programmes which provide the tools to measure and improve our carbon footprint at all stages of the food chain. Producers make commitments in three areas: sustainable sourcing; manufacturing processes (e.g. emissions, water usage) and social sustainability. Some 580 Irish food and drink companies participate in Origin Green. More than 280 of these have been verified and these account for over 90% of total food and drink exports.
[1] http://www.worldometers.info/world-population/ireland-population/
[2] https://en.wikipedia.org/wiki/Irish_diaspora#Asia
[3] https://data.worldbank.org/indicator/NY.GDP.PCAP.CD
[4] https://www.rte.ie/eile/brainstorm/2018/0111/932477-speaking-your-language-irelands-72-different-languages/
[5] https://en.wikipedia.org/wiki/Timeline_of_Irish_inventions_and_discoveries
[6] https://www.idaireland.com/docs/publications/ida_strategy_final
[7] http://hea.ie/assets/uploads/2018/01/HEA-Key-Facts-And-Figures-2016-17-.pdf
