By Agnes Borowik
Boasting favourable costs, a high quality of living and a vibrant tech scene, Dublin is a highly regarded location for foreign direct investment and business development.#
A vibrant social and economic hub with deep Viking history, Dublin is situated on the eastern shores of Ireland at the mouth of the River Liffey. Dublin is a highly regarded location for foreign direct investment, as well as business and real estate investment and development, and is sought after for its favourable cost and quality of living.
The region’s economic activity accounts for 47% of the national GDP, employs 49% of the people in the state and accounts for 55% of Ireland’s income tax revenue.
Buzzing with both Irish and international companies, Dublin’s Silicon Docks earned that nickname for being the centre of Ireland’s tech scene. This area is home to the headquarters of such giants as Amazon, Google and Facebook, video-game companies Riot Games and EA, and cloud-services company Dropbox. This industry employs about 80,000 people nationally and is expected to generate 8,000 more jobs per year in the near future.
Microsoft, another tech powerhouse, which has facilities in Ireland and has been investing there for more than 30 years, has chosen Grange Castle Business Park in Dublin as the location for the company’s first data centre outside the US.
Other sectors offering growth opportunities are the food, green economy, international financial services and pharmaceutical industries.
- Fashionably late. While it’s important to be punctual for business meetings, allow some leeway toward your Irish hosts, as they have a relaxed attitude and don’t mind slight lateness.
- Addressing attire. When conducting business, conservative dress is best; avoid flashy colours. At a first meeting, dress formally, although jackets may be removed in the summer. If in doubt, follow the lead of your hosts. Keep jewelry understated.
Facts for investors
- Dublin was ranked 49th out of 500 on the 2016-2017 Global Innovation Cities Index.
- The city ranked third out of the top 25 cities, on the FDI Intelligence Global Cities of the Future list, 2016/2017.
- Dublin ranked sixth out of 35 in the 2016 CBRE European Tech Cities Report and eighth out of 60 in the European Digital City Index.
- The Guinness Experience. Dublin is the birthplace of the famous stout whose roots date back to 1759. Today, the Guinness Storehouse is the No. 1 visitor attraction in Dublin, with an impressive seven floors of multimedia exhibitions offering unique multisensory experiences on every level.
- A festival for everyone. The city’s residents love festivals; there is always something happening. Be sure to look out for events such as the Longitude (music) Festival in July, the Dublin Theatre Festival starting in September and the Bram Stoker festival in October.
- Taste the tradition. The finest of Dublin’s chefs have reworked old-style dishes into modern fare using fresh, local ingredients. Sample favourites such as coddle (ingredients vary, but often include potatoes and sausage) and brown bread or bacon and cabbage.
- Open the past. Wander historic coastal villages and get a glimpse of the past in places such as Malahide, near Paddy’s Hill, where there is evidence of habitation dating back to 6,000 BC, and Dalkey’s Coliemore Harbour.
This article was originally published in the June 2017 issue of CPA Magazine.