2012 a fantastic year for FDI Investment in Cork

Cork had a strong year for foreign direct investment in 2012 and is
well placed to continue to win new projects, according to Tom Mangan,
Chairman of the American Chamber of Commerce South Region and Vice
President of Operations, at Boston Scientific Cork.

“Eleven new investment projects were announced in the Southern region
in 2012, which was a tremendous achievement given the competition for
foreign direct investment both globally and within Ireland. Cork
secured one of the largest investment’s announced last year with Eli
Lily’s investment of €330 million at its plant in Kinsale. Securing
these investment projects is a tribute to the track record of
companies in the region, , the excellent third level institutions, and
the availability of a flexible talent pool to meet the needs of
industry here,” said Mr. Mangan. “By building on these attributes and
the existing pool of investment in the region, we are well placed to
win additional investment in 2013.”

Pepsi-Co, Apple, Big Fish Games, Xilinx, Stryker, Entercoms, Hittite,
Red-5 Studios and M/A Com Tech were other US companies to invest in
the region in the past year.

Mr. Mangan said that the positive impact of FDI should be consistently
recognised and supported. “In addition to the direct and indirect jobs
created by multinational companies in the region, American companies
make a large contribution in corporate, payroll and other taxes, have
been leading Ireland’s export success, and have worked tirelessly in
creating a positive impact on the overall reputation of the country.
Competitiveness is a crucial factor in this, and we have to become
ever more vigilant in protecting our attractiveness as an investment
location,” he said.

“Talent, Tax, and Competitiveness are the three key factors in
attracting investment to Ireland,” according to Mr. Mangan. “Talent,
in my view, is ultimately the single most important factor to sustain
and grow our economy. Investment in education has paid huge
dividends for this country in the past and it is important that our
education system continues to evolve so that our young people are
equipped with the skills they need for the 21st century work
environment. Working together by all to better match the needs of our
education system with those of industry can only help with creating a
future in Ireland for our young people, who seek jobs at home as their
preferred option.”

“A shortage of skills in the ICT sector has been highlighted by our
members and in the short term, if these cannot be filled within
Ireland, we need to ensure that Ireland remains attractive for skilled
workers to relocate to. In addition, we support the review by
Minister Bruton of the Employment Permit Scheme and we are hopeful
that it will result in making it easier for companies to recruit
candidates from abroad where necessary.”

Mr. Mangan said that the American Chamber believes a competitive tax
regime is a legitimate competitive tool and that it remains core to
Ireland’s economic policy. “Last year (2012), €4.2bn was paid in
corporation tax in Ireland with foreign companies being the largest
contributors.”

“When it comes to competing for investment we are seeing more and more
countries strengthen their offering and attempting to replicate
Ireland’s success. The United Kingdom for example has announced a
further reduction in its corporation tax rate and is set to introduce
a number of further incentives to attract foreign investment,” said
Mr. Mangan. “All of this reinforces the need for Ireland to
continuously review and update the offering to Foreign Direct
Investors to retain the attractive environment and protect the 115,000
jobs that we have today as a result of hard won competition for US
Foreign Direct Investment,” he added.

Mr. Mangan expressed confidence that with the right decisions and
actions, Ireland’s future as a location for US investment would remain
secure and that the 700 US multinational companies located in Ireland
will continue to be a major net contributor to Ireland’s economic and
social development.

“Today, Ireland’s economic model is helping to put us in a far
stronger place than we were at twelve months ago. What is
distinguishing Ireland is our adherence to the recovery plan and the
strength and on-going success of its Foreign Direct Investment
efforts. These have played a significant role in our economic success
to date and are playing an even more crucial role in our current
economic recovery.”

The American Chamber of Commerce Ireland is the representative body of
700 US multinationals employing 115,000 people in Ireland. American
Chamber Members in the South Region include:

AbbVie Fournier Laboratories Ireland Ltd; Alcon Laboratories Ireland
Ltd; Altera European Trading Co Ltd; Amazon Customer Service Ireland
Ltd; Apple Operations Europe; Aruba Networks International Ltd;
Assurant Services Ltd; Big Fish Games; BioMarin Manufacturing; Ireland
Limited; Bord Gais Eireann; Boston Scientific Cork Ltd.; Cognex Ltd;
DeCare Systems Ireland Ltd; Dell Cork; DePuy (Ireland); Eli Lilly SA –
Irish Branch; Eli Lilly SA European SSC Irish Branch; EMC Ireland;
FEXCO; FMC International; GE Energy; GE Healthcare (Medical
Diagnostics); Gilead Sciences Limited; Hayfield Manor Hotel; Henry
Ford & Son Limited; Hittite Microwave International Limited; Horner
Ireland Ltd; IBM (Cork); IBM Global Technology Services; IPICS
Education Limited; Janssen Biologics (Ireland); Janssen
Pharmaceutical; Logitech Ireland Services Ltd; M/A-Com Technology
Solutions; Maryborough Hotel and Spa; McAfee Ireland Ltd; McKesson
Ireland; Merck Millipore Ltd; Moog Ireland Ltd; MSD in Brinny; PepsiCo
Ireland Pepsico Ireland (Carrigaline); Pfizer Ireland Pharmaceuticals;
PGi (formerly Premiere Global Services); Pharma-Bio Serv Ltd; Phillips
66 Ireland Limited; PM Group; Radisson Blu Hotel & Spa (Cork); Red Hat
Ltd; Sanmina Ireland; SolarWinds Software Europe Ltd; SPX Flow
Technology Kerry Ltd; Starwood Hotels & Resorts; Stryker Instruments
(Cork); TE Connectivity; United Technologies Research Center Ireland
ltd.; University College Cork: Cork University Foundation; Veolia
Environmental Services Technical Solutions Ltd.; VMware International
Ltd; WiseTek Solutions Ltd; Zenith Technologies

Comments

comments

You must be logged in to post a comment Login