Cork, a world-class hub for innovation and collaboration

Cork's thriving economy is driven by local ambition, supportive government policy and sustained FDI, notably from the US, writes Ronan Murray of EY

Ronan Murray, EY Cork managing partner; Taoiseach Micheál Martin; and Frank O’Keeffe, EY Ireland managing partner, at the recent opening of EY Cork's expanded office on Lapps Quay, bringing EY Cork’s footprint to 30,000 square feet. 

Ronan Murray, managing partner, EY Cork office, outlines how Cork is continuing to foster a world-class environment for innovation, collaboration and economic growth

Ronan Murray, managing partner, EY Cork office.

In an ever-changing global economic and geopolitical landscape, business success requires strategic thinking, agility and the ability to respond quickly to shifting conditions. 

Few regions demonstrate this capability as consistently as Cork. Over several decades, the regional economy has undergone a remarkable transformation, driven by a combination of local ambition, supportive government policy and sustained foreign direct investment, particularly from the United States. 

Organisations, including the Cork Chamber of Commerce and the Southern Chapter of the American Chamber of Commerce, have also played an active role in fostering a collaborative approach within the city region, reinforcing Cork’s ability to attract and retain investment. 

Today, Cork and the broader South-West region record the second highest GDP in the state at €248 billion, reflecting its position as a globally competitive and innovative hub of enterprise and opportunity.

Despite recent geopolitical uncertainty, multinational organisations, particularly North American firms, continue to choose Cork as a base for growth and expansion. More than 230 multinational companies now operate across the region in clusters spanning technology, financial services, cybersecurity, pharmaceuticals and life sciences. Their presence underpins a dynamic, outward-looking business ecosystem that continues to perform strongly. 

Year-end figures from the IDA show that 2025 was a record year for foreign direct investment in Ireland, with 323 investments, an increase of 38% on the previous year. Crucially, the IDA also reports that regional economies are playing an increasingly important role in attracting this investment, with 57% of total 2025 investments located outside Dublin. Cork and the South-West are central to this story of regionally driven growth.

The appeal of Cork for US multinationals goes far beyond existing relationships or historical ties. Ready access to world-class talent across all industries has been pivotal. Many global organisations that initially established small teams in the region have since expanded significantly after experiencing first-hand the depth of knowledge, experience and skills available locally. Cork’s long history of foreign direct investment has created a strong pool of senior talent with decades of industry expertise. 

Yet it is not only established professionals who are attracting investment. Munster is home to outstanding universities, including University College Cork and Munster Technological University, as well as renowned education and training bodies. These institutions attract students from across Ireland and around the world, producing graduates who enter the workforce well prepared to deliver value across the region’s diverse sectors.

Cork’s success is grounded in a world-class environment for innovation, collaboration and economic growth. Foreign direct investment has played a major role in shaping this environment, but it has not done so alone. Indigenous firms and local entrepreneurs remain fundamental to the region’s ongoing development. 

The relationship between multinational organisations and Irish-owned companies is symbiotic, with each strengthening the other. This is evident through the EY Entrepreneur of the Year programme, where many finalists and alumni collaborate with multinationals, supply into global value chains or grow to multinational scale themselves. These interactions enrich the regional economy and strengthen its capacity for long-term, sustainable growth.

EY in Cork is proud of the role it plays in supporting and enabling this ecosystem. The Cork office has evolved significantly in recent years, reflecting the growth of EY Ireland’s national practice under the leadership of managing partner Frank O’Keeffe. Most recently, the firm expanded its presence on Lapps Quay, increasing its footprint by two-thirds to 30,000 square feet. This investment positions EY Cork to meet rising client demand and to continue supporting the region’s ambition.

The business landscape has changed significantly in the 35 years since EY first established its base in Cork. Organisations now operate in an environment of greater complexity, interconnected risks and rapid technological change. 

EY’s service offering has evolved in response, while maintaining the fundamental commitment to exceptional client service. Today’s clients require an integrated, forward-looking service offering that helps them navigate uncertainty, strengthen resilience and unlock new opportunities. 

To meet these needs, the Cork office has recently established four new centres of excellence in private businesses, financial services, pensions, audit and tax, and energy and infrastructure. These centres are underpinned by advanced data capabilities, artificial intelligence and leading technology platforms.

Cork’s growth story is one of collaboration, long-term vision and the ability to adapt to a rapidly changing global economy. As Cork continues to expand its reach and influence, EY remains committed to supporting clients, communities and the regional economy. The combination of deep local expertise, global reach and a strong culture of innovation ensures that EY Cork is well placed to help shape the next chapter of growth for the region and help businesses shape the future with confidence. 

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