Munster cities and regions dominate European FDI rankings

Cork, Limerick, Shannon and the South East all rank favourably for investment

'Cork is experiencing exponential growth and is proud to be home to more than 194 FDI employers.' Picture: Denis Scannell

Cork has been ranked the small European city with the most economic potential ahead of other cities like Basel, Luxembourg and Geneva.

According to the fDi Intelligence European Cities and Regions of the Future report, Cork was ranked across several different categories, placing 1st for economic potential, 6th for business friendliness and 7th for the city’s foreign direct investment (FDI) strategy.

The report benchmarked locations for their attractiveness to foreign direct investment (FDI). Up to 356 cities were assessed and grouped by population size into five: major, large, mid-sized, small, and micro cities. They were then ranked based on data collected across five subcategories: economic potential, business friendliness, connectivity, human capital and lifestyle, and cost-effectiveness.

The same report also gave favourable rankings to a number of other regions and cities in Ireland. Dublin was also named the lead European city in areas with fewer than 1.5 million people. 

Limerick and Shannon featured in the top ten of micro cities for economic potential.

When assessed by regions, Ireland's South East was ranked highest for devising the strongest strategy for attracting investment. The report said that in response to the Covid-19 pandemic, the Ireland South East Development Office which covers Carlow, Waterford, Kilkenny, Tipperary and Wexford, implemented a three-pronged approach to bring in foreign business. As part of the recovery strategy, it established a regional network of industry leaders and senior entrepreneurs who met via workshops to discuss their priorities and share best practices.

"The agency also widened its focus by increasing its digital marketing incentives. It created content related to remote working and the future of industries, to highlight the benefits of investing in the region," the report said.

In relation to Cork's ranking, the City Council's Chief Executive, Ann Doherty said: “We are delighted to see Cork being ranked so highly in this year’s fDi Intelligence European Cities and Regions of the Future rankings."

"Cork is experiencing exponential growth and is proud to be home to more than 194 FDI employers. These rankings represent the value that multinational companies place on Cork and its citizens and also highlights that Cork is a city that both companies and people continue to choose to work, live, study and invest in."

Lord Mayor of Cork, Cllr Colm Kelleher said: "This is fantastic news for Cork. These results speak for themselves. As the fastest growing city in the country, Cork is experiencing a great deal of investment at both a national and international level and continues to be the home to major multinational companies across sectors such as Pharma and IT."

"The Government has committed a further €2bn that will continue to improve infrastructure and the public realm in the city ensuring that Cork will be the city of choice for those looking to invest internationally."