Ireland third in list measuring global engagement

IRELAND has taken third spot in a list measuring a country’s global engagement, indicating its strong reliance on exports and world trade.

Ireland is the world’s third most globalised nation and has seen the greatest improvement in globalisation rating over any other nation between 1995 and 2008.

According to the report from Ernst & Young, which was released at the World Economic Forum in Davos, Ireland held the number one position as most globalised nation in 2000, 2001 and 2002 and is predicted to retain its third place position until at least 2013.

The index measures openness to trade, capital movements, exchange of technology and ideas, labour movements and cultural integration.

The most globalised nation is Singapore followed by Hong Kong. Britain is in 15th position, US is 24th and China is in 40th spot.

Senior partner with Ernst & Young in Ireland, Mike McKerr said: “Though domestic economic conditions remain challenging in Ireland, we must focus on our strengths. Ireland is extremely well positioned to maximise opportunities within international economies.

“Our export deterioration appears modest relative to other nations. Over 80% of goods and services produced in Ireland are exported. Ireland still remains an extremely attractive location due to the same corporate tax advantages that existed during the Celtic Tiger boom years, alongside a strongly educated workforce and a much improved infrastructure.”

The report said globalisation worldwide slowed during the economic downturn but as economies recover in 2010, the growth of globalisation will resume although at a slower pace than in the past decade.

Mr McKerr said Irish people continue to demonstrate their ability, willingness and flexibility in terms of working and settling down in foreign locations and is helped by continued promotion of Irish culture and heritage throughout the world.

“From a business perspective, companies in Ireland must continue to think globally about many aspects of their overall strategy ranging from their channels to market and their global procurement. As companies deepen and broaden their presence in international markets, the need for culturally diverse management also becomes all the more pressing,” he said.