I can’t believe our trip to Dublin, Ireland is almost over and we’ll be heading to the airport tomorrow morning. Yesterday after presenting our final group projects, we had Raymond Bowe give a guest lecture to our class. Raymond Bowe has been working for Industrial Development Authority (IDA) for 30 years and told us all about it and what they do. IDA Ireland is a government agency responsible for the attraction and retention of inward foreign direct investment (FDI) into Ireland. The head office is located in Dublin.
There are both pros and cons when it comes to investing in Ireland. Some of the reasons why its a good idea include the fact that Ireland is a growing economy. It used to be considered a poor country, not being part of the industrial revolution making them under developed and poor, but in the last 50 years that has been changed around and they are continuing to grow. Also, Irish economy is considered to be the top performer in Europe. There is a highly educated talent pool within the country now and a positive labor market output. Lastly, one of the features that makes Ireland one of the most attractive investment locations is their corporate tax rate of 12.5%
But with pros, there is always some cons. Although Ireland is a growing economy, it is still considered a small country compared to others with the population being around only 5 million. Another thing to worry about when it comes to investing is the Brexit situation. The outcome either way could have a serious effect because it deals with a significant market. The outcome could either be a small bonus or a huge threat.
After going through some of the pros and cons of foreign direct investment, I decided that I would make the decision to invest in Ireland. I feel that although there may be some cons, the pros outweigh them. Along with this trip and the multiple site visits to companies here, I think investing in Ireland would be worth the risk because of the bright look on the future economy here.