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Ireland offers investors a stable, profitable, English
speaking base to service the European market and beyond.
This is why more than 2,000 overseas companies have
made Ireland their location of choice. Ireland is
the fastest growing economy in Europe with a competitive
cost environment and people that are innovative, productive
and flexible.
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The
Island of Ireland has a total population of almost
5.5 million people. 3.8 million people reside
in the Republic of Ireland, of which over 1 million
live in the Greater Dublin area. The birth rate
is one of the highest in Europe and half of the
population is under 28 years of age. With excellent
education systems, there are good prospects for
employment for many graduating students. Almost
15% of Northern Ireland's 1.7 million citizens
live in Belfast, its premier city.
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Ireland
currently comprises two political entities.
The Republic of Ireland has been a free state
since 1922 after winning independence from the
United Kingdom. It is a democracy with a constitution
adopted in 1937 that was strongly influenced by
the Constitution of the United States and by the
British legal and political structure.
The Irish legal system is based on its constitution,
domestic legislation and common law. Increasingly,
the commercial law is being modified to conform
to the directives of the European Community, of
which Ireland, as a Euro (€) trade zone,
is a member.
In the Republic of Ireland there is an elected
parliament (Dail) with 166 members and an upper
house (Seanad) of 60 members. Members of the Dail
are elected directly by the people for a maximum
term of 5 years. Members of the Seanad are elected
from panels of candidates for a 5-year term. The
President of Ireland is the Head of State and
is directly elected by popular vote for a term
of 7 years. The President's role is primarily
ceremonial although the President must sign all
legislation into law. Political power is held
mainly the Irish Taoiseach (Prime Minister).
Northern Ireland, comprising six of Ireland's
thirty-two counties and 5,240 sq miles is part
of the United Kingdom (it has 12 representatives
in the British House of Commons). As a result
of the Good Friday Agreement of 1998 however,
an accord which called for Protestants to share
political power with the minority Catholics, the
Republic of Ireland was granted a voice in Northern
Irish affairs. A new coalition government was
formed on Dec. 2, 1999, with the British government
formally transferring governing power to the Northern
Irish Parliament based at Stormont in Belfast.
With synergies developing across Ireland's All-Island
Economy, Northern Ireland's economic stock has
benefited significantly.
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The
Irish Government's economic policies in the Republic
are directed towards the creation of a stable
economic environment that is supportive of the
needs of business. Ireland's economic growth rates
in recent years have consistently been among the
highest of the OECD countries.
The forces of growth are firmly rooted in Ireland's
economy through favourable demographics, increasing
investments in education and a high rate of technology-oriented
investments. The expected and long awaited upturn
in the global economy should result in stronger
growth during the course of 2004 with the OECD
predicting growth to accelerate in 2005.
IDA Ireland works closely with the private sector
to ensure the availability of high quality property
throughout the country. Up to €64 million
is being invested by private sector developers
in new high quality property across the country.
An exciting range of options, are available to
meet foreign investors requirements. IDA Ireland
is also closely involved in the development of
new Digital Parks in order to stimulate the e-Business
and Internet developments in Ireland.
The Republic of Ireland offers one of the most
beneficial corporate tax environments in the world.
From 1 January 2003, a corporation tax rate of
12.5% will apply to trading profits in all sectors,
including manufacturing and international services.
The costs of operating in Ireland, including employment
costs, are lower than in most other European countries,
an advantage that is enhanced by a productive
and flexible workforce.
Ireland has a competitive wage environment. Statutory
add-on costs are one of the lowest in Europe.
A recent study of salary costs in Finance &
Administration shows Ireland to have the lowest
costs in all job categories of the 5 European
locations surveyed.
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Northern
Ireland is the fastest-growing regional economy
in the UK (itself a G7 nation). Since the late
1990s the Northern Ireland economy has been performing
exceptionally well with record employment levels.
Northern Ireland's GDP had the largest increase
between 1990 and 1999 of all the UK regions. In
real terms GDP in Northern Ireland grew 1% per
annum faster than the UK during this period.
The environment for FDI in Northern Ireland from
the mid-1990's has changed significantly in response
to sector dynamics. Over capacity in manufacturing
and the growing importance of technology, knowledge
and services is driving the growth of knowledge-based
projects.
Over the past five years Northern Ireland has
become increasingly successful in attracting foreign
investors and FDI has increased by 45%. Nearly
three-quarters of all companies that have invested
in the past are gearing up to invest more. There
are currently 243 foreign owned Invest NI client
companies employing over 53,000 people in Northern
Ireland and representing more than $4 billion
of investment from overseas. Nortel, Seagate Technology,
Liberty Mutual, Halifax, Abbey National and Prudential
are among the corporations which have located
key operations in the region and who continue
to invest because of their profitable track record.
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