Ireland hailed as 'investment powerhouse'

Ireland is a “global investment powerhouse” with companies such as IBM, Hewlett Packard, Intel, Yahoo and Kelloggs investing in the country, IDA Ireland said today.

Speaking at the the launch of the Government agency’s annual report, IDA Ireland chairman John Dunne said companies were voting with their feet and coming to Ireland.

“Business and community leaders everywhere point to our success as a model of how a country and its people can transform into a dynamic world-leading centre for business growth,” he said.

“We have moved away from low cost, low value assembly and service operations where the primary objective was simply job creation.

“The Ireland of the 21st century presents the opportunity for the international business investor to be part of a leading global business location offering world-class innovation and development, superior performance and efficiency and cutting edge business integration and support solutions,” he said.

But he warned there were still gaps in what Ireland could provide foreign investors which needed attention.

He said more skilled people, including scientists, engineers and linguists, better transport and communications investment and better utilities were all needed to maintain Ireland’s attractiveness.

Sustaining a business friendly environment “free of undue regulatory burdens” was also important from the point of view of international competitiveness, Mr Dunne said.

Sean Dorgan, chief executive of IDA Ireland, said a strategic effort by the agency and its partners had seen significant investments by major companies.

Ireland had attracted innovation and development projects from IBM and Hewlett Packard, manufacturing investment by Intel and biopharmaceutical firm Centocor, and integration and support operations established by Yahoo, Merrill Lynch and Kelloggs.

Mr Dorgan said the agency had also had success in encouraging investment in the regions, for example a consumer telecoms company choosing Sligo for its new 300-person customer service centre, and Siemens Business Services Ltd choosing to locate in Cork.