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The importance of FDI to Ireland and the importance of education to FDI

The importance of FDI to Ireland and the importance of education to FDI. Ireland’s Economic History. 1922 to 1958 A basic agricultural economy Self-sufficiency and protectionism 1958 to 1973 Opening up and joining Europe (EEC) 1973 to 1987 Some success, adjustments, but crises also

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The importance of FDI to Ireland and the importance of education to FDI

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  1. The importance of FDI to Ireland and the importance of education to FDI

  2. Ireland’s Economic History • 1922 to 1958 • A basic agricultural economy • Self-sufficiency and protectionism • 1958 to 1973 • Opening up and joining Europe (EEC) • 1973 to 1987 • Some success, adjustments, but crises also • 1987 to date • Stunning development and growth

  3. Success in the 90’s WHY? • US boom, IT growth, EU Single Market • People, skills, costs • Corporate tax • Public policy e.g. Education • Performance of Irish managers • Flexibility, agility, creativity

  4. Importance of FDI to Ireland • STATUS • IDA Clients 1,200 • Total employment 130,000 • Total annual sales € 90bn • IMPACT • > 80% of Manufactured exports • Massive inflow of taxes • > 25% of gross domestic product • Technology and management skills • Global orientation

  5. Key Sectors • Information Technology • Pharmaceuticals / Healthcare • International Services • Software • Shared services and customer support • International Financial Service Centre • Knowledge Economy

  6. Information Technology • Europe’s leading Information Technology location • Over 300 companies exporting €28 billion • Intel completed their most advanced wafer fabrication costing €2 billion

  7. Financial Services • Established in l987 to avail of world-wide expansion of financial services • 450 stand alone IFSC operations approved • a further 700 entities under out-sourced management • Over 12,000 people are directly employed in the IFSC sector • Contributes 15% of total corporate tax take

  8. The Pharmaceutical Industry in Ireland • No. 1 location in Europe for international pharmaceutical investment • 13 of the World’s top 15 companies • 83 Companies employing 17,000 people • World’s largest biopharma plant (Wyeth) • Exports of €34 billion • Blockbuster products • Lipitor, Viagra, Botox , Zyprexa, Zocor

  9. Medical Devices • Europe’s leading location for the medical device industry • 80 companies exporting over €3bn • Employing 18,000 people • 13 of the World’s top 20 companies present in Ireland • Integrated manufacturing, R&D, customer support and value added services

  10. International Services • Strong clusters built • Software Development • Shared Services • Financial Services • Customer Support Centres

  11. One common feature in all these sectors is the requirement for well educated graduates with specific skills and knowledge

  12. Survey of Ireland’s qualities • Decided to review the reasons why companies were selecting Ireland • Old message was “Ireland…the most profitable location in Europe” • Asked Bank to carry out survey • Results were surprising…….

  13. The results……. 1. The skills of the Irish workforce 2. The adaptability and flexibility of Irish workers 3. The pro business environment created by the Government 4. The 10% tax rate 5. The capital grants

  14. Microsoft Conference • Microsoft World Leaders conference in Cartegena agreed: 1. The lack of adequate education is the single most important feature in holding back a countries development 2. Education will become the most important feature in the future decision process for companies seeking new investment locations

  15. IDA Vision For Ireland • Leading World Economy • Knowledge Based; Technological Innovation • World Class Infrastructure • Highly Competitive • Socially Inclusive • Highest Environmental Standards

  16. IDA Vision For Ireland • All these require new skill sets which are being put in place now in anticipation of the new technologies

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