Brexit is an opportunity for Ireland to attract FDI, says IDA

24 Jun 2016496 Shares

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IDA Ireland chief executive Martin Shanahan

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Ireland’s inward investment agency IDA Ireland says it is consulting with its 1,200 client companies about the implications of Britain’s exit from the EU, but added that the situation may present opportunities for Ireland in attracting FDI.

Already there have been reports that US investment giant Morgan Stanley is considering moving its 2,000 staff in London to either Dublin or Frankfurt following the dramatic decision by the UK citizenry to leave the EU.

Indeed economist Mariano Mamertino told Siliconrepublic.com this morning (24 June) that likely immigration restrictions in the UK will divert the cream of European tech talent towards Ireland, the only remaining English-speaking member of the EU.

‘While not what we had hoped for, the situation may present opportunity for Ireland in attracting foreign direct investment (FDI). Ireland will remain a member of the European Union with full market access and that will be attractive to investors’
– MARTIN SHANAHAN, IDA IRELAND

“IDA Ireland’s view throughout this period has been that Ireland would benefit overall from the UK remaining a member of the European Union, however, now that there is certainty on the result, IDA Ireland will liaise directly with its 1200-plus client companies and potential investors over the coming weeks in order to work with them on the implications of the vote,” IDA Ireland CEO Martin Shanahan said.

He added: “The exact implications of the result will not be known for some time, and IDA Ireland will take stock of developments as clarity emerges.

Opportunity knocks

“While not what we had hoped for, the situation may present opportunity for Ireland in attracting foreign direct investment (FDI). Ireland will remain a member of the European Union with full market access and that will be attractive to investors.”

Shanahan pointed out that Ireland’s advantages for inward investment remained intact, despite the outcome of the vote this week.

“Ireland’s proposition to inward investors will continue to resonate,” Shanahan said.

“Our deep and varied talent pool, competitive and consistent tax regime and long track record of working with foreign companies is something that companies are interested in. The fact that Ireland is English-speaking and a member of the EU and Eurozone is also attractive.

“As we have always done, IDA Ireland will continue to market Ireland across the globe as the No 1 location for foreign direct investment,” Shanahan said.

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Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com