Category Archives: FDI

Dublin Port

Ongoing developments at Dublin Port are working to cement its status as the undisputed trade gateway into and out of Ireland. Yet, its standing as a cruise liner port of distinction is less well known. 2016 saw Dublin Port experience record throughput of 34.9 million gross tonnes and in the four preceding years recorded 25% growth. The trajectory looks set to continue too with growth of 4.2% for Q1 2017 already posted, while the fact it will be paying a dividend to the State of €11.7 million in 2017 bears testament to its ongoing success.

2016 also saw over 100 cruise ship vessels visit the port, drawn in part by improved facilities at Alexandra Quay, ongoing redevelopment and the ten year €600m capital investment programme. Yet, perhaps the biggest feather in its cap to date is having attracted Celebrity Cruises to make it their home port for the early summer season in 2018, an investment worth almost €6m to Dublin and surrounds in terms of knock-on impact.

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LOCAL KNOWLEDGE

When Investing in the US – Get to Know Your Regional Development Authority
As a federal structure the United States is unique when compared to Canadian and European countries in the delivery of economic development services.   In many countries economic benefits or incentive packages are negotiated at the federal/national or provincial level.   In the United States the delivery of benefits and incentives is negotiated at the state – but more importantly – at the regional/local level.

Thus, companies seeking to expand into North America and the north east should identify regional (multi-county) public authorities to advise and assist them in their location decisions.  Regional economic development authorities combine the capabilities found in state government in the United States yet have that local touch that is essential for finding the right location.  This is the significance of the Kennebec Regional Development Authority (KRDA) for European firms considering expanding into the North East US.

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CELTIC PHOENIX

Ireland’s foreign direct investment credentials are second to none. The industriousness and spirit of entrepreneurialism that marks its people has ensured it has swiftly risen like a phoenix from the ashes to put behind it the ravages of the global financial crisis which began in 2008, and which hit the country harder than most. A host of infrastructural developments across the country have cemented Ireland’s claim to be Europe’s Western gateway, with the jewel in the crown undoubtedly being Dublin Port, which has recorded impressive growth as it continues to expand in accordance with its Masterplan. Moreover, the ongoing transformation of the Port is having a profoundly positive ripple effect on the surrounding city region and beyond in terms of driving investment. Cumulatively, the Port has become central in catapulting the country up the league table of FDI prospects, and helps to position this English-speaking region favourably to investors looking at an imminent post-Brexit commercial landscape.

Innovation and efficiency have become the watchwords when it comes to Ireland, and nowhere is this more apparent than in Dublin, the capital. Here, tech companies of international renown, such as Facebook, Google, Amazon, Microsoft, Accenture and Airbnb have elected to call the Fair City home, such that Dublin Port has become known as “Silicon Docks”. Meanwhile, elsewhere in the country global giants Apple, HP and Intel have also set up shop, attracted by a skilled and plentiful IT workforce and favourable tax conditions.

What’s more, they’re not going anywhere, in spite of a recent European Commission anti-state aid ruling against Apple regarding a retroactive tax bill, given Ireland’s credentials on so many other fronts. In addition, it remains to be seen whether the European ruling actually has any teeth, since both Apple itself, which points to its status as the world’s largest taxpayer, as well as the Irish Government, which sees the decision as blatant interference in internal sovereign matters, are contesting the matter.

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LIMERICK RENAISSANCE TAKING HOLD

Limerick

There’s a buzz word abounding Limerick these days and it is ‘renaissance’.

Eight years ago Limerick was at the eye of a perfect storm whipped up by global and local economic tornados. Today, it has not alone rode those out but dusted itself off and embarked on a major transformative plan that is already reaping very significant rewards. The fulcrum of a region of almost 400,000 people, Limerick’s growth is now outpacing the vast bulk of cities across Europe. In the city itself employment levels have grown exponentially with record FDI related job creation achieved over the past three years alone. Couple that with a newly unified and streamlined local authority, unprecedented investment plans, a thriving third level sector and you most definitely have a comparable city on the rise.

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The Futures Bright

Pat

Movement of goods and people is key to any economy and Dublin is addressing the increase in volume by investing in redevelopment, we speak with Pat Ward Head of Corporate Services Dublin Port Company to find out what’s on the horizon

New European Economy: Dublin has had a steady increase in traffic and cargo recently as well as major international cruise liners. What sort of figures are Dublin Port Authority currently doing compared to before 2008?

Pat Ward: Dublin Port’s volumes are growing rapidly. In the three years from 2013 to 2015, cargo volumes grew by 17.3% and, in the first half of 2016, they grew by a further 8.0%. Total throughput for 2015 was 32.8 million gross tonnes with 7,166 ship arrivals in the year, exceeding the port’s previous record levels of 2007. Looking specifically at the ten year period from 1997 to 2007, throughput at the port was increasing year on year, growing from 16.9 million gross tonnes to the previously held record of 30.9 million gross tonnes in 2007. This has since been eclipsed by the growth of 2015. Were these recent rates of growth to persist into the future, the Port’s volumes would double over the 13 years to 2026.

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