Ireland a favoured location for science foreign investment – report

21 Sep 2011

Ireland is ranked third in the EU by the World Bank in terms of ease of doing business and fourth in the world for the availability of skilled labour and openness to new ideas, according to a report by IBEC group PharmaChemical Ireland out today.

Called ‘Ireland: The location of choice for science investment’, the report also notes that Ireland ranks seventh for the availability of financial skills as well as the flexibility and adaptability of people.

The European Commission forecasts that the cumulative fall in Irish unit labour costs will be more than 8pc in the period 2008-2012 and this is making Ireland more competitive and more attractive for foreign direct investment, the report states.

“Despite the economic challenges we face, Ireland once again is becoming a favoured location for foreign investment. In fact, there has never been a better time to invest in Ireland,” said PharmaChemical Ireland director Matt Moran.

“In 2010, our exports grew by 9.5pc. This positive trend has continued in 2011, where exports have grown 6pc in the first six months of the year. The pharmaceutical and biopharma industry is playing a vital role in this export-led growth recovery. The sector accounts for over 50pc of the total Irish exports and employs over 50,000 directly and indirectly, 50pc of these hold a third-level qualification.

“Eight of the top 10 pharmaceuticals companies in the world have major operations in Ireland, benefiting from a favourable tax regime, a highly-skilled workforce, strong compliance record and easy access to European markets. The extraordinary flexibility of the Irish economy and labour market has been recognised by international investors. Investment into Ireland grew strongly in 2010.”

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