Cork to withstand tech stock turmoil

Cork is likely to remain an attractive investment location for overseas technology firms for the forseeable future, according to the IDA.

Cork to withstand tech stock turmoil

Cork is likely to remain an attractive investment location for overseas technology firms for the forseeable future, according to the IDA.

The agency's chief executive Martin Shanahan said there is no reason to believe a revenue warning from Apple - the largest private employer in Cork - nor the resulting turmoil amongst tech stocks is a cause for concern or will dent Cork's ability to attract further technology investment.

Mr Shanahan said Cork - along with Limerick and Sligo - has benefitted from the IDA's attempts to move technology investment "into the regions" and remains "an attractive and very credible proposition" as a base for both tech and pharmaceutical firms.

But, Mr Shanahan said the IDA is aiming to make Ireland - as a whole - a so-called tech hub, rather than any specific region alone.

Nearly 60% of IDA-supported jobs are now based outside of Dublin; a record high.

Mr Shanahan said strong investment in Dublin and the regions, as opposed to one over the other, is needed in order for Ireland to be doing well.

Mr Shanahan also said recent high profile tax cases relating to Irish-based US multinationals - namely the Apple case and the recent tax demand levelled at drug firm Perrigo - are not being viewed as "significant issues" amongst potential investors.

"Investors interested in Ireland understand Ireland's corporate tax regime and rates and have confidence in both," he said.

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