Yesterday, we presented our final group projects about some of our site visits over the course of the last two weeks. Unfortunately, this means we are almost done with our study abroad trip, sad. On the bright side, I am leaving Ireland with great memories and new friendships that I would not have experienced without this opportunity to travel. After our presentation, we hosted a guest speaker. Raymond Bowe is a 30-year employee of the Industrial Development Authority (IDA Ireland). This government-funded agency attracts foreign direct investment (FDI) in high technology sectors to Ireland. 90% of Bowe’s job revolves around education skills and training.
Based on Mr. Bowe’s presentation, I want to list both the pros and cons of FDI in Ireland. Starting with the pros:
- Ireland gross domestic product growth in 2018 was 6.7%, the next highest percentage was the USA at 2.9%.
- Ireland will be the only English speaking country in the EU when England leaves
- Low corporate tax rate (12.5%)
- Top 10 most innovative country in the world
- 53.5% in third level attainment, one of the best in the EU
- Technology hub
Now, I will list the cons with FDI in Ireland:
- High personal tax rate
- Challenging to convince foreigners to leave their home countries and live in Ireland
- Housing prices
- Difficulty in enrolling in schools
- Less modern infrastructure outside of major cities
After considering both the pros and cons of foreign direct investment in Ireland, I believe companies should consider and venture to Ireland. The world is trending towards technology-based companies. Since Ireland has a very low corporate tax rate, companies can build their HQ here and maximize their efficiency at lower costs. Also, Ireland has a very young and diverse population, this means there are a lot of ready bodied workers willing to work. Ireland has a massive potential to become one of the world’s greatest technology hubs. I am excited to see what the future has in store for this country.
Thank you all for reading one of my final blog posts. I appreciate the support; even though I am sad to leave Ireland tomorrow, I am very excited to return to the USA.