Ireland is Open for Business
On November 3rd, Danny McCoy, who is the Director General of IBEC, made a very compelling speech to the IBEC CEO Conference. The underlying theme of his speech was that Ireland is Open for Business.
Ireland is currently in the doldrums - our banking systems are on their knees, our economic future looks dire and the Irish people are traumatised. However, if we look at the bigger picture, we are, in reality doing relatively well (especially compared to (a) how we were doing over the past few year, (b) compared to other nations struggling to cope with the global economic downturn). This is, in a large part, by our exports.
Have a look at this video which summarises the situation (created for IBEC especially for the IBEC CEO Conference mentioned above.
It is entitled Ireland by the numbers - Did you know that Ireland is home to 8 of the top 10 global technology companies and 15 of the top 25 medical devices firms. We produce enough beef each year to feed 30 million Europeans. 1 out of every 5 burgers served in McDonalds in Europe is Irish beef.
According to IBEC, fiscal adjustment remains on track and the challenge to meet the 3% deficit target by 2014 is challenging, but manageable. Ireland has the potential for growth, with a critical mass in a number of high tech sectors and a vibrant community of both multinational and indigenous businesses. Ireland has demonstrated flexibility and costs across many areas - pay, non-pay and cost of living - are falling. Ireland has been able to regain lost competitiveness, while maintaining its strengths as a business location.
Perhaps we might get out of this mess. What do you think?