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Attraction of the Irish market.

Extracts from this document...

Introduction

Gontier Emilie November 2002 LEA4 angl-esp GENERAL TOPIC Etude des March�s Anglo-Saxons Mr BENOIT In a span of a decade, Ireland has transformed itself from a rural country to a modern highly industrialized economy. It is still among the fastest growing countries of Western economies with growth rates approaching 8 per cent in G.D.P in 1999. Figures are not that impressive in 2002, because of the global recession, but still remain above the euro area average this year (3.6 percent1). The Celtic Tiger was essentially created, not by Irish, but by foreign, in particular American high-tech multinationals. How come Ireland, such a small market, became so attractive? A. IRELAND'S ASSETS: 1. EUROPEAN FUNDS: Before getting a dizzying and successful economy, Ireland was a rural economy, heavily dependent on exports to Great Britain and poorly developed in terms of infrastructures and telecommunications. The Irish government used properly the funds granted from the European Union so as to modernise the country (roads, ports, airports, health, universities, telecommunications, etc.). 2. SOCIAL CLIMATE: In 1987 was released a three years agreements between social partners in order to ensure a peaceful social climate. It worked quite well and efforts are still being made to guarantee this "quiet" consensus. For instance, a compromise was set up to restrain the wages in return of a reduction in the income tax. ...read more.

Middle

Multinationals bring inflows of capital that can be used to set up a steady economic growth. Sectors like the high-tech industry, electronics, telecommunications, pharmaceuticals are mostly in the hands of American, British and German foreign capitals5 (Dell, Cisco Computers, IBM, Intel, etc). * Taking advantage of the European economic situation : Plus, one should keep in mind that the competitiveness of the economy was partly based on the weakness of the euro, that benefited to foreign based companies and to the economic growth. * High-technologies and Telecommunications : Ireland has made itself the place for E-Business and new technologies and made of them the key sectors for foreign companies to get into. Ireland is closely involved in the development of new Digital Parks in order to stimulate the e-Business and internet developments in the country. Ireland has already substantially invested US$5 billion in the telecommunications infrastructure over the last 10 years and offers a reliable telecommunications system meaning that Ireland has one of the most advanced telecommunications systems in Europe. 3. PRIVATE AND PUBLIC PARTNERSHIP: A public private partnership is a partnership between the public and the private sector for the purpose of delivering a project or a service traditionally provided by the public sector. ...read more.

Conclusion

INTERNET : * http://www.idaireland.com/whyireland/infrastructure.asp * Http://www.irlgov.ie/finance * http://www.fas.ie/FAS_Review/future.html * http://www.finfacts.com/econ2000.htm * http://www.rferl.org/nca/features/2001/11/27112001091105.asp * http://www.esri.ie/ * http://www.business-strategies.co.uk/ireland/irishteachus.htm * http://www.geog.ox.ac.uk/~jburke/wpapers/wpg00-17.html APPENDIX Document one : Figures of the economy and percentage of people under 25................p.8 Document two : Population growth rate. ..........................................................................................p.9 Document three : The Educational system. ..................................................................................p.10 Document four : Corporation Tax Rates. ........................................................................................p.11 Document five : Foreign Investment in Ireland. ...........................................................................p.12 ATTRACTION OF THE IRISH MARKET A. IRELAND'S ASSETS : 1. EUROPEAN FUNDS * To modernize the country 2. SOCIALE CLIMAT * The 1987 Agreement . To ensure good relations between employer/employees 3. " QUALITY PEOPLE " * A young, English speaking, flexible, well educated and not that expensive labour force. 4. CORPORATE ENVIRONMENT * 10 per cent corporate tax. Change in 2003 (12.3 percent) for all sectors. B. STRATEGY AND INITIATIVES : 1. GETTING INTO LINES WITH OTHER EUROPEAN COUNTRIES * The 1993 National Plan for Development. 2. A STRATEGIC APPROACH * Trade * Weakness of the euro * High-T and Telecommunications 3. PUBLIC PRIVATE PARTNERSHIP * Getting the best of both sectors for improved infrastructures 4. GROWING IRELAND * The 2000/2006 National Plan for Development. * Tender bids invitation * Opportunities to be taken 1 See document one. 2 See document one and two. 3 See document three. 4 See document four. 5 See document five. 2 ...read more.

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