February 4th 2019
Ireland has one of the most vibrant and dynamic economies in the world, but history will tell us that this might not always be a sure thing. We need to ask ourselves; what can we do to attract more Foreign Direct Investment to Ireland?
The Irish Government and IDA Ireland have the strategic planning all wrapped up with the ‘Winning: Foreign Direct Investment 2015-2019′ plan. There are also things that you can do on a smaller scale to make sure that you are attracting exciting foreign investment to Ireland.
In this article, Click Offices will explore the strategies and plans that are in place that are helping to draw Multinational Corporations to Ireland and the impacts FDI has had on our country. We will also explain how you, as a Serviced Office Operator, can ensure that your available office space rentals are irresistible to investors.
How Foreign Direct Investment to Ireland Changed Our Landscape
Foreign Direct Investment companies have undeniably changed our economic landscape. Following years of recession and austerity, our economy is once again world-renowned. That would not have been possible without FDI.
According to IDA Ireland, IDA client companies are responsible for;
- The direct employment of over 174,000 people.
- An additional 122,000 people in indirect employment.
- Paying €2.8 billion in corporate tax.
- Spending almost €1.5 billion on research and development per annum.
These impressive statistics are a testament to IDA Ireland, who have never strayed too far from their mission statement.
‘IDA Ireland partners with multinational companies to win and develop foreign direct investment, providing jobs for the economic and social benefit of Ireland.”
How will Foreign Direct Investment to Ireland continue to grow?
IDA Ireland set themselves some ambitious goals for the years 2015-2019. Setting these goals, they pulled from extensive research into the global FDI sector and Ireland’s exemplary past performance in attracting FDI.
Over these years, IDA Ireland hoped to;
- Win 900 new investments for Ireland, including new companies and expansions of existing companies in Ireland.
- Support their clients in creating 80,000 new jobs.
- See a 20% increase in Irish economy expenditure, bringing it to €26.8 billion in 2019.
Traditionally, IDA Ireland focused on the key sectors of things like technology, financial services, engineering, media and biopharmaceuticals. They also expanded their interests to include the marine economy, arts and culture and infrastructure investments.
The Irish Government has also played its part in attracting Foreign Direct Investment to Ireland, by investing in infrastructure and the education of its workforce.
What can you do to attract FDI?
You might find these statistics interesting, but find yourself asking “what does this have to do with me?”.
If you are a Serviced Office Provider, hoping to attract a top London business, you need to do more than offer a desk near the window. While all of these strategies and plans are in place, there are things that you can do to make yourself a favourite with foreign companies.
- Services and Interiors
Dublin is a plethora of world-class services, infrastructure and business. However, London is in a league of its own. Having been an early convert to the growing Serviced Office market, they have since perfected their office spaces to provide consistently flawless services and interiors.
While there is little you can do to alter the external services your office may rely on (transport, location, parking), there is a lot you can do internally to make your office space more desirable.
An interior redesign or the addition of a new telecoms system might seem like a big investment, but just imagine what FDI could do for your business. Changes don’t have to be drastic, but they do have to have a clear intent. For example, are you hoping to attract technology firms, both foreign and home-grown? Consider things like your connectivity performance, your additional in-house services and your office layout. Check out these modern office design trends to brighten up any space.
If you are looking to update your office space to take advantage of all of the Foreign Direct Investment to Ireland, take a leaf out of our neighbour’s book. You can use Click Office’s extensive catalogue of Serviced Offices in London to get a look inside some of the world’s finest office spaces and use it for inspiration for your office space.
- Be informed of grants and services
There are many different grants and incentives in place for FDI companies looking at Ireland. The best way to ensure that you become part of that process is to educate yourself on what benefits are available.
IDA Ireland is an excellent resource to familiarise yourself with. Their section on grants for FDI has all of the information you could ever need.
- Use a Serviced Office Broker
While it may seem unusual to encourage your customers to seek the advice and help of a broker, it can actually work in your favour.
A broker has done extensive research on attracting Foreign Direct Investment to Ireland. They will also have more international connections with companies hoping to make the move across the water.
Click Offices has plenty of resources and information for companies looking at Ireland for the first time. This includes our Dublin Office Guide. This valuable resource includes things like average office prices, information on individual commercial areas, cultural and social insights to the city and more.
So, while we leave the heavy lifting of attracting FDI to the Government, you can do these things to attract companies already looking at Ireland as a new business location in a post-Brexit world.
