Minister Heather Humphreys TD alongside Michael Costello (left), Managing Partner, BDO, Brian McEnery (middle), Partner, BDO, and Kevin Doyle (right), Partner, BDO
BDO International Compass shows Ireland jumped two places to fifth place for attractiveness for foreign direct investment (FDI)
Ireland has become the fifth most attractive country in the world for foreign investors, according to new figures released by BDO. Ireland has jumped two places year on year in the latest BDO International Compass, which measures the attractiveness of a country as a multi-dimensional concept in three dimensions: economic, politico-legal and socio-cultural.
Some of the factors that contributed to Ireland’s improved ranking is the country’s high level of education, strong infrastructure network, strong digital framework, and stable regulatory environment.
Speaking about the results, Michael Costello, Managing Partner of BDO Ireland, said:
Ireland has continued to improve its position in a number of key areas that inform the overall economic performance of a country, such as its debt-to-GDP ratio and unemployment figures. Ireland is a very good place to do business and it shouldn’t really be a huge surprise to see us being so competitive on a global level.
“While many predict that Brexit will negatively impact Ireland, it’s entirely possible that aspects of a new arrangement could actually help us improve our global competitiveness. Some sectors will definitely be impacted, such as manufacturing, food and agricultural industries, however it could open up opportunities for financial services, as well as improve Ireland as a proposition for FDI.”
Brexit and Ireland’s attractiveness
Heather Humphries TD, Minister for Business, Enterprise and Innovations, said:
Attracting foreign direct investment (FDI) into Ireland has been a cornerstone of our national industrial policy since the 1960s and it has paved the way for the growth and development of Ireland into the competitive, European marketplace that it is today.
She continued, “Our success in building relationships, attracting new business and continuing to provide a competitive business landscape will be put to the test over the coming years as the United Kingdom leaves the European Union.
“While we regret the UK’s decision to leave, we are working hard to ensure that the future trading relationship between our two countries continues as seamlessly as possible while securing future opportunities with businesses seeking to locate their European presence in Ireland.”
The report showed that the UK had dropped one place to eighth place.