Hi-tech sector ‘key to recovery’
Speaking at the launch, in Dublin, of the third annual series of development meetings between Silicon Valley investors and Irish technology start-ups, Mr Barrett – who brought Intel to Ireland – said the country cannot rely on its former uniqueness of an attractive corporate tax regime and a well-educated workforce, alone, to move the economy forward by attracting foreign direct investment (FDI).
“Ireland needs to focus on enlarging its indigenous hi-tech sector to drive economic recovery.
“There’s significant opportunity for growth driven by these firms. Ireland and the US are in similar circumstances. If we don’t take advantage of our skilled workforces and entrepreneurial spirit we will lose out to emerging economies.
“We’re in Ireland, this week, to support Irish technology companies who have the ambition to grow and succeed,” he said.
On the question of Ireland possibly being bailed-out by the EU, Mr Barrett said that a viable financial system is crucial for any country and that whatever achieves that “has to be done”. However, he warned that any deal which would see an increase in Ireland’s 12.5% corporate tax rate for overseas companies should be resisted.
“Any rise... cannot be a positive,” he said.
This week’s three-day visit by a Silicon Valley delegation, headed by Mr Barrett, will see 24 Irish start-ups meet with a number of US technology-focused venture capitalists at events in Galway and Limerick.
The event – which has resulted in numerous investments in its previous two years – is being organised by the Irish Technology Leadership Group (ITLG), which is also hoping to boost the number of Irish technology companies listed on New York’s Nasdaq exchange into double figures over the next five to 10 years.
