Yesterday afternoon, Mr. Bowe from IDA visited our class at Griffith College to discuss investment in Ireland in which he laid out many pros and cons relevant to the act of investing. It seemed that the pros outweighed the cons, but that may just be a bias of him working for the company that works to invest in these companies throughout the country.
One pro-investing idea that resonated with me was the fact that Ireland is such a young country and we, as young people, show more ability to innovate and create. As we have seen, Dublin is a global hub for innovation and entrepreneurs which allows for investing in Ireland to be a little less risky than in other areas of the world. Aside from the age being so young, Ireland has an enormous amount of space for developing and expanding.
A huge con in investing in Ireland is the fact that Ireland has a 50% income tax and so people do not want to work when so much of their income is being taken away. Ireland does not have a large population and so with all of the growth needs a growth in employees as well, but companies are unsure if they are able to meet that demand. The Dublin City law prohibiting buildings from being able 14 stories limits companies from being able to build up.
With all of these factors to consider, I would say that investing in Ireland should be determined after a close evaluation of each individual company. It may work for some but not for others. Regardless, the companies that we have visited while in Ireland have been far more than anything I had ever imagined. Each organization was different in their own ways but nonetheless impressed me with their determination to push forward and improve not only do what they can to improve Dublin, or Ireland, but do what they can to change the world. Investing in Ireland has shown tremendous success thus far and should be continued with great precaution, but also great belief in the succession of the organizations.