Why Ireland is a great place to do business in 2018
For multinational corporations, finding the right location to develop your business or to expand your network is crucial for economic success.
Different locations will offer varying benefits depending on what kind of industrial category your business slots into. However, it’s important to not be easily dazzled by the frivolous perks. You need to be focused on your current objectives and base your decision (and eventually your business), on a location that will help you strive towards profitable success.
Ireland is a country which is humming with activity within the world of business and finance. Some of the world’s biggest brands have found their feet in the European market by basing their EU headquarters in our cities. Here at Glandore, we are proud to have helped many companies expand into Europe and look forward to continuing this in 2018. We’ve put together some promising facts and predictions that we’ve gathered to convince you that Ireland is a fantastic place to do business in 2018.
Tech companies leading the way
Over the past year, Ireland has seen a growth in the number of tech companies setting up operations and expanding. Tech companies dominated Dublin office space in 2017 and this is set to continue this year as 68% of office space due for completion in 2018 is already pre-let or reserved.
These figures and the rapid expansion and growth of tech companies in Ireland demonstrate the strength of the market and the country itself. In the last number of years, Ireland has become a hub where tech companies can expand both inside Ireland and into the EU. Ireland has become a world leader in growth and expansion for companies and this is not set to change in 2018.
As much as it’s important to monitor the economy of a potential new host country, it is vital that you have a fair idea of how that economy is going to look five years down the line. In Ireland’s case, you may find some peace of mind.
According to a recent PwC report, Ireland is set to be the fastest-growing economy within the eurozone until at least 2024. Our economy is expected to show GDP growth of 3.5% this year and also an average growth of 2.8% between 2020 and 2024. This is significantly promising as the average eurozone growth for the respective periods is between 2.2% and 1.6%.
Climbing the ranks
For a country with a population of over 4.7 million, many wouldn’t expect Ireland to successfully compete with other advanced countries with regard to economy and developing business. However, looks can be deceiving.
At the recent World Economic Forum held in the small town of Davos, Switzerland, it was announced that Ireland is currently ranked as the 8th best performing advanced economy in the world, as per the Inclusive Development Index which measures things such as poverty rates, public debt and life expectancy.
Within the report itself, Ireland is described as having a “favourable business climate” and displaying “solid performance” in growth and development. We are also praised for our low levels of environmental damage and carbon emissions.
The US remains optimistic
As previously mentioned, there are plenty of US brands and companies who have found new homes in Irish cities, particularly in Dublin. Companies such as Twitter, Facebook and LinkedIn all have astounding offices located in Dublin with similar online heavyweights following suit in the past few years. This is only going to increase in the coming years, according to a survey published by the World Economic Company.
The survey showed that nearly 60% of CEOs globally believe that economic growth will improve in the next 12 months due to a surge in US optimism. This new figure is double the amount a similar survey issued in 2016, before the recent US Presidential Elections.
It is hoped this will lead to increased investment from the US and other countries into Ireland. Attracting an array of new businesses from across the globe can be extremely beneficial. Existing companies who are based in Ireland will have the opportunity to gradually expand their business network and source new leads or customers through these contacts.