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Business Profile
Economy: Ireland has hitherto not been industrialised to the same degree as the rest of Europe, and only in the last few years has agriculture been overtaken as the largest single contributor to the national product. Agriculture still remains a key sector, and the Government is seeking to consolidate its role within the economy by modernisation and expansion of food-processing industries. Beef and dairy dominate the sector, but there is also large-scale production of potatoes, barley and wheat.
Ireland’s recent industrial development has been achieved by a deliberate policy of promoting export-led and advanced technology businesses, partly by offering attractive packages for foreign investors. Textiles, chemicals and electronics have performed particularly strongly. Promising oil and gas deposits have been located off the southern coast. Most of Ireland’s economic development in the 1990s, however, was in the service sector. Banking and finance have grown to the extent that Dublin now supports a sizeable international financial centre, while tourism has become a substantial foreign exchange earner.
The performance of the Irish economy since 1995 has been the best in Europe, with GDP growth between seven and ten per cent during the late 1990s, while inflation and unemployment have been kept to low levels. The Irish are famously enthusiastic about Europe and there is little of the scepticism so prevalent in Britain. Ireland joined EMU with the majority of EU members in the first wave at the beginning of 1999, despite some concern about the consequences of Britain’s non-membership. Government policies to offer financial incentives to foreign-owned enterprises have produced a massive increase in direct foreign investment, particularly in the financial services and electronics industries. Trade with the UK, which provides 30 per cent of total imports and takes 20 per cent of Ireland’s exports, remains important but the proportion is declining gradually as other EU countries assume greater significance. There are growing doubts, however, as to whether the economic boom will last much longer as GDP growth slipped to a more normal European rate of around four per cent in 2001/02.
Business: Businesspeople should wear formal clothes for meetings. Local businesspeople are very friendly and an informal business approach is most successful. However, it is advisable to make prior appointments and to allow enough time to complete business matters. Avoid business visits in the first week of May, during July, August and at Christmas or New Year.
Commercial Information: The following organisation can offer advice: Chambers of Commerce of Ireland, 17 Merrion Square, Dublin 2 (tel: (1) 661 2888; fax: (1) 661 2811; e-mail: info@chambersireland.ie; website: www.chambersireland.ie).
Conferences/Conventions: For more information, contact the Irish Tourist Board or the Convention Bureau of Ireland, Bord Fáilte, Baggot Street Bridge, Dublin 2 (tel: (1) 602 4000; fax: (1) 602 4336; e-mail: cbi@irishtouristboard.ie; website: www.conference-ireland.ie).
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