Exit from troika will boost IDA’s efforts overseas – O’Leary

16 Apr 2013

Barry O'Leary, chief executive, IDA Ireland

Ireland’s planned exist from the ‘troika’ lending programme later this year will provide a reputational boost overseas, the CEO of IDA Ireland Barry O’Leary explained, helping the agency in its efforts to attract inward investment.

“When the eventual exit comes there will be a big reputational boost,” O’Leary told members of the Dublin Chamber of Commerce.

“Looking at things today, there is no doubt the sentiment is improving, and in the US, in particular, it has improved significantly,” he said.

“Any challenges about Ireland now are just not raised. In any of the interactions we have with companies, there is a lot of positivity about Ireland,” he added.

O’Leary was speaking during a talk to chamber members about how Ireland’s brand suffered during the peak of the financial crisis and how Ireland is viewed now by new and existing investors.

O’Leary said a number of factors were at play in the improvement in sentiment.

“The fact that the National Treasury Management Agency (NTMA) can go into the market is good,” he pointed out.

O’Leary also emphasised that much of the brand building was now done online, via social media, where IDA is highly active.

Earlier this year, O’Leary predicted 20pc of greenfield FDI will come from China and India by 2014.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years