Despite a very challenging year for Ireland (please click here to view the William Fry Budget Briefing 2011), we are delighted to report that an independent survey has ranked Ireland as the number one destination globally for jobs created by Foreign Direct Investment (IBM’s 2010 Global Location Trends Report). Given that there are currently over 600 US companies in Ireland (employing over 100,000 people), the connections between our two countries are very strong, and the US is a key investor in Ireland. Further consolidation to Ireland’s position in the global business world is the new report from the World Bank, ranking Ireland as one of the Top 10 countries in the world within which to do business.
Much of the international media commentary on Ireland has been misplaced. The economy is far more diversified than other peripheral European jurisdictions, with top class tourist infrastructure and export led strengths in food and agriculture, pharmaceuticals, life sciences, technology and asset management all underpinned by a business friendly taxation regime, most notably a 12.5% corporation tax rate. Furthermore, multi-national companies in Ireland remain optimistic; almost half the multinational companies operating in Ireland expect to increase the amount they export next year. A survey by the Irish Management Institute and National Irish Bank found that 47 per cent of multinationals expect turnover to increase in 2011, while 11 per cent are expecting a decrease. I also attach a link to a short presentation on the strengths of the Irish economy, which refutes some of the recent media commentary. To view the presentation, please click here.
The agreement reached with the European Stability Fund is positive for Ireland, providing a stable source of funding at reasonable rates for the foreseeable future and a mechanism to restructure the Irish banking industry to a more sustainable level.
In this Edition of the US – Ireland Update, in addition to reporting on a range of legal developments and innovative deals, we report on significant moves which have been undertaken to restore confidence in Ireland including Ireland’s Recovery Plan, the agreement reached with the European Stability Fund and the main highlights of the Budget from an international perspective.
To view the articles, please click on the relevant link below:
- Ireland’s Recovery Plan and Budget 2011
- Lowest Tax Rate in Western Europe
- A Number of Firsts – $1.2 Billion Sale of SkillSoft
- Appointment of Steve Lenox and Dermot Tuohy
- Continued Foreign Direct Investment in Ireland
- Exchange Traded Funds
- Ireland Tops the Tables – Key Facts and Figures on Ireland
- In Short: