Economic and Social Policy Project

8/11/2019 Economic and Social Policy Project

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Economic & social policy

Matthew Ward

X10359973

BAHBMD 3

IRELANDS APPROACH TO FOREIGN DIRECT INVESTMENT


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Contents

Page 3: Introduction/ policy and strategy developments

Page 4: Key Policies: Tax regime

Page 5: E.U Membership, Regulatory regime, Education

Page 6: Infrastructure

Page 7: Overall successExports, Employment, Spillovers

Page 8: Threats

Page 9: Future recommendations

Page 10: Conclusion

Page 11: Bibliography


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Continuing economic growth requires both the recruitment of new companies and the expansion of

existing businesses

Phil Bredesen

F.D.I can be defined by the OECD as cross border investment from a resident entity in one economywith the objective of obtaining a lasting interest in an enterprise resident in another economy

(OECD, library, 2013).

Policy and strategy developments 1950-1994

It is said that policies which are put in place to attract F.D.I are based on the thought process that

new investment brought in to the Ireland by F.D.I will boost the national income and create

employment (Economy of Ireland, Gill & Macmillan, 2011). The Industrial development Authority

was set up in 1949 and given the responsibility of attracting F.D.I Throughout the 1950s the I.D.Astarted the movement to change the countries industrial policy which would see Ireland switch from

a policy which consisted of high tariffs and a ban on F.D.I coming into the country to a policy which

would see free trade and multinational companies being encouraged to invest in Ireland. It is

important to note that Economists around the world universally agree that Irelandsdecision to

dismantle protectionism in favour of an open economy made by in 1960 by Taoiseach Sean Lemass

paved the way for future economic growth and attracting inward foreign direct investment. One of

the main factors which influenced Irish policy makers to make this decision was the prospect of

joining the ECC and also the growing momentum towards free trade which was spreading all across

Europe (Leddin & Walsh, 2013 p422). Throughout the 60s and 70s Ireland experienced considerable

export led growth, our low cost labour market and with the government introducing new policies


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focusing on fiscal stability, labour market flexibility, science orientated human capital formation not

to mention the countries low corporation tax was very attractive to foreign companies who were

looking for a cheap place to manufacture their goods (OHagan Newman, 2011, p254)and in joining

the E.U IN 1973 Ireland started to become more of a force in the European market. It wasnt until

the early 1980s that Ireland decided to switch its focus from low cost labour export led growth to

more skilled and sophisticated knowledge based value added growth strategy and created an

industrial policy aimed at attracting new F.D.I to Ireland. In 1994 the I.D.A split into three different

departments which where I.D.A Ireland, Enterprise Ireland and the county enterprise board. It was

also the start of the Irish Celtic Tiger.

Key policies and Objectives

For the last 20 years Irelands policies on how they go about attracting foreign direct investment has

not changed In the first part of my analysis of F.D.I in Ireland I will be looking at the key policies and

objectives put in place and analysing if they were successful or not.

One of the central factors in Irelands industrial policy is its tax regime. A major draw for companies

looking to set their operations up. Irelandscorporation tax is very competitive at 12.5% which is the

fourth lowest in the world. The past few years have seen the Irish government come under pressure

to raise the corporate tax level in accordance with other European countries. The Irish Government

has held firm on this matter though seeing this rate of tax as key to attracting F.D.I over the past 20

years and also for future investment.

The Government remains 100% committed to maintaining the 12.5% corporation tax, a sentimentI

feel is shared by the vast majority of deputies in this house

Minister for Finance Michael Noonan 2013

In 2004 Ireland introduced R&D tax credits scheme aimed at multinational companies who were

setting up operations in the country. Since its launch more than 380 multinational companies have

announced R&D in the country (Sunday business post, 2013) So far more than 225 million euro has

been given in grants to facilitate R&D. These grants given though have been justified by the level of

growth in R&D investment by companies in Ireland which has reached over 900 million euro. During

a survey 77% of companies said that if Irelands R&D tax credits where not at a competitive 25% then

it would have affected their decision to invest in Ireland (Sunday business post 2013). It is importantfor Ireland to remain competitive in this area as they face tough competition from other countries

such as Britain, U.S.A and Singapore who also have attractive R&D reliefs in place.


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Irelands E.U membership also makes them very attractive to companies outside Europe as setting up

in Ireland would give them access to the European market which contains over 500 million people

and the benefits of free trade between member E.U states. The euro which was put in place as a

single currency for most European countries was also beneficial when attracting F.D.I because

exchange rates would not fluctuate between European countries making trade a lot easier

(European commission, 2013). Ireland has a stable regulatory environment which is another

important factor when attracting F.D.I. The policy makes it easy to set up and do business in the

country without deal with much bureaucracy which is the case in a lot of other countries. Ireland are

currently ranked 10th

in the world by the world back in terms of regulatory restrictiveness. This is a

good incentive for F.D.I.

Another key policy has been the investment in education and training. Ireland has become one of

the world leaders in being able to provide a skilled workforce to incoming multinational companies

looking to invest. Between the years of 20082012 U.S multinational firms invested 129 billion euro

into Ireland which is nearly 14 times as much as they invested in China. The main reason being

stated by Mr Peter Keegan president of the American chamber of commerce Ireland is the vast

talent pool that Ireland has at their disposal with thousands of graduates being produced every year.

If Ireland is to continue to be able to provide this pool of talent to incoming multinationals then we

must continue to invest in the education and training of people here. Ireland has become one of the

most accessible countries in the world for acquiring third level education as opposed to other

countries such as the United States where the cost of going on to college or university is too much

for some middle or lower class families. Third level institutions have over 450 million euro at their

disposal from the Irish government in the form of grants to invest in facilities (merrion street, 2013).

As well as this the Irish government also provide grants to students whose households dont earn

enough for them to participate in higher education. Over 48% of Irelandspopulation have some

kind of higher education achievement. Ireland are ranked number one in the world for flexibility and

adaptability of its workforce as most people will have to perform multiple tasks in the a job and job

descriptions can sometimes be vague which means multinationals will be more inclined to invest in

Ireland because of this statistic.

Infrastructure is another key element in the I.D.As approachto attracting F.D.I. From the early 80s

into the 90s Ireland have been looking to shift away from traditional manufacturing companies and

focus more on high tech pharmaceutical and internationally traded services. The I.D.A wanted to

attract clusters of companies from areas such as the financial service sector and the pharmaceutical


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sector. Clusters are networks of connected businesss in a specific area situated in the same location

that provide a higher level of productivity and efficiency. Over the last twenty years much work has

gone into improving building, road and telecommunications infrastructure. Buildingsinfrastructure

such as the I.F.S.C (Irish Financial Service Centre) in 1987 which was aimed at attracting clusters of

financial services into Ireland. In relation to tax incentives a special rate of corporation tax at 10%

was granted to companies who set up operations before 1994. This rate lasted until 2005. The I.F.S.C

currently employs 32700 people and its operations raise 1 billion euro annually in corporation tax

(I.F.S.C 2013). Ireland now has two main pharmaceutical clusters in Dublin and Cork. With over 120

companies and 33 approved pharmaceutical plants being build Ireland now accounts for 9 out of the

top 10 pharmaceutical companies in the world (I.D.A Ireland, 2013).

Transport infrastructure is another important area. The standard of this infrastructure is important

for determining Irelandsability to be able to move goods and people in an efficient manner that

matches the needs of multinational foreign companies when exporting in Ireland or abroad. The

national development plan put in place from 2000-2007 had improvements to road infrastructure as

one of its key objectives. Funded mainly by E.U structural funds the plan oversaw road networks

such as the M50 which was completed in 2005 and M1 in 2007 being built (Irish Business news

2007). Ireland now also has three major international airports in Dublin, Cork and Shannon. Direct

flights now available regularly to America, U.K and the middle east as well as Ireland only being on

average a three hour flight from most E.U cities is another attractive feature for prospective

multinationals . It is important that Ireland continues to match the high standard of transport

infrastructure in other advanced countries.

Telecommunication Infrastructure has also been an important factor in the I.D.As pursuit of F.D.I in

the internationally traded service sector. Ireland officially opened it telecommunications market in

1998 when it awarded 29 operators new licenses (CNN, 1998). Ireland can now boast international

connectivity, a national network and various data centres such as Eircom and HP. We can also claim

to have a high level of broadband in the country which has improved greatly since it became

available in 2002. In the last five years 2.5 billion euro has been invested into improvements which

have seen a return of 54 billion in F.D.I coming into the country (siliconrepublic, 2013).


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Overall Success

In my opinion the above policies and approaches to F.D.I have been a huge success for the county.

Every policy and approach has a different and positive effect in persuading multinationals to choose

Ireland as a European base. And over the last 20 years the country has reaped the benefits of this

success.

Around one million jobs are created in Ireland every year through F.D.I. Only Singapore is ahead of

Ireland in the world for jobs created per head of population (Matheson, 2013). This figure has so

much potential to increase by almost double if the multiplier effect is applied to greater effect. The

multiplier effect is triggered when a multinational company invest in Ireland the will build or acquire

a new premises, it turn they will then employ people to work in that factory and thus indirectly they

will create the opportunity for other business such as restaurants and other service industries to set

up around the area of the premises increasing employment further. As already stated above, the

attraction of clusters and other multinationals have helped reduce the unemployment rate in

Ireland. Companies such as Citi (2000 people employed) Intel (5715 people employed) and Pfizer

(1650 people employed) (I.D.A Ireland, 2013). These figures are the direct employees of the

companies and do not include people employed indirectly through the multiplier effect. In 2005

foreign owned firms accounted for 50% of employment (OHagan Newman, 2008p214). If any of the

multinational companies in Ireland where to go bust it would have a huge knock on effect on the

surrounding smaller companies creating more unemployment.

Another rationale when evaluating the success of the industrial policy promoting F.D.I in Ireland is its

productivity spillovers on domestic business. Multinational companies who have set up in Ireland

bring with them new knowledge skills and technology will spill over into Ireland domestic Market.

This new foreign knowledge will benefit domestic firms in Ireland as they will be able to analyse and

learn methods and technology used by foreign multinationals. Which will in turn help them improve

their own production process and result in increased productivity (Gorg, 2007, p242).

An increase in Irish exports was another objective of the industrial policy and over the last twenty

years the inward flow of F.D.I has seen exports soar. Today multinational companies in Ireland

account for 75% of our exports (positive economist, 2013). The success of F.D.I in Ireland is further

underlined in an increased in investment of 1.8 billion from 2010 and exports rising 9.4%. (I.D.A

Ireland, 2013) which shows companies view Ireland as a stable platform to export from. And last

year total exports from Ireland totalled 122 billion euro (I.D.A, 2013).Exports began to rise at a fast

pace during the Celtic tiger period with many new companies entering Ireland due to the policies

mentioned above. In 2004 in the wake of the economic crisis exports began to fluctuate due to the

outflow of F.D.I stock. In 2010 Irelands cost base and as stated above investment rose thus

increasing the level of exports. Irelandsmain forms of exports are pharmaceutical, financial and

business services and food sectors which are all preforming very well at this present time.


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Threats

Although Irelands approach and industrial policies have been very successful with the number of

multinationals it has attracted there have been threats to Ireland success both internal and external.

Many of the threats to Irelands inward flow of F.D.I stem from the recent economic crisis. One of

the most recent threats is in relation to Ireland long standing 12.5% corporation tax. As stated aboveIreland have a firm stance on their low corporation tax policy. In 2008 there was pressure from the

European commission as they looked to implement a common consolidated corporate tax base

among E.U members. The Irish Government resisted the proposal but the issue is still pending to this

very day (Business and finance, 2008) More recently it has been Germany who have been putting

the pressure on in relation to bailouts and loans being given to Ireland to recapitalise our Banks.

Other European member states such as France have deemed the low tax unfair to other European

countries (Irish Independent 2013)

Another Issue which may have cause for concern to multinationals investing are the recent cuts to

education grants the rising prices of attending third level institutions in Ireland. One of the mainreasons Ireland is so attractive is our educated and skilled workforce. Recent developments mean

that more students are putting their education on hold which is decreasing the number of graduates

available to incoming multinationals. In 2012 UCC saw a 17% drop in postgraduate students due to a

cut in the post grad grant scheme (Irish Examiner, 2012). Budget 2014 however made no cut to the

education grant which has restored some confidence in students in regard to attending higher

education. Another factor which ties in with education is the emigration statistics which have been

extremely worrying since Ireland entered recession. An estimated 177000 people have left the

country since 2008 (Irish examiner 2013) due to unemployment and the lack of opportunity, even

with the recent developments in the Irish economy being somewhat more positive this trend has yet


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to slow down. This could deter future F.D.I as the workforce will be more limited and why invest in a

country that so many people want to leave?

Other threats which could affect Irelands approach to F.D.I are things such as the fact that we are

predominantly English speaking country. Multinationals who require other languages may recruit

from outside Ireland which will mean that even that even with more companies setting up the

already worrying unemployment rate will remain the same as companies hire externally.

The final threat that I foresee that could affect Irelands approach to F.D.I is the fact that companies

are now looking to set up their operations, in developing countries as the costs are cheaper if this

trend accelerates Ireland may have to rethink their approach towards attracting inward F.D.I. In

2009 Dell announced that it would be cutting 1900 jobs over a 12 month period from its plant in

Limerick. Dells have now located all their operations in Poland. Dells products made up 5.5% of Irish

exports and 2% of GDP. As well direct employees of dell being affected it was estimated that 10000

other jobs which relied on Dells business will also be affected (RTE news, 2009)

Future Recommendations

In regards to the future approach to F.D.I I have a few recommendations that I think would be

beneficial. Realistically Irelands industrial policy and value added growth strategy does not need any

drastic changes. It is in Irelands best interest to continueon in the same way which has seen them

attract so many multinationals into the country.

In my opinion Ireland need to look at companies from continents such as Africa who are looking to

gain access to the E.U market by investing in a European country. We need to try replicate the same

success for these emerging companies that we had in providing gateways to Europe for companies

from the U.S. It was only earlier this year that the European parliament took its first steps in opening

its doors to such investment. The interim Economic partnership agreement was made which will

allow four African countries to sell their goods E.U without having to pay any tariffs or quotas. This is

the first step for these developing countries into the world economy and when the time eventually

comes that companies are looking for a European base Ireland must be prepared to provide the best

platform possible.

In recent years Ireland has experienced some big multinational companies pulling its investment in

the country in favour cheaper developing countries. As already said above when a multinational

pulls out of a country it has a terrible knock on effect employment. One way in which we can

attempt to tie multinational countries down is by promoting joint ventures with domestic Irish

companies much like China have done in their approach. This approach can be beneficial for both

parties. For the multinational it will allow them to gain access to the market in which they will be

unfamiliar to. For us it will mean that the foreign company will not be able to exit the country

without the permission of the domestic firm in which it had entered the joint venture with and also

they will be much more invested then if they had gone about their business themselves.


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And my final recommendation to the government would be to continue to keep costs as low as

possible in order to keep the country attractive to multinationals. The lower we keep our rates of

rent the more attractive our property market looks to F.D.I. The same with wages, although Imnot

an advocate for wage cuts, as a realist itseasy to see that the lower the wage bill the more

attractive it is for a company to invest. And finally in my opinion the most vital aspect of Irelands

approach to F.D.I, low corporation tax. It is vital Ireland does everything it can in the future to hold

on to its 12.5% as it is the main incentive for big multinational companies choosing Ireland as its

European base. Under Europes four freedoms Irelandscorporation tax is not under direct threat

but the pressure is intensifying as stated above. If the corporation tax is increased it will be very

difficult to keep the up the successful trend we have been.

Conclusion

In conclusion I think that the policies undertaken by the I.D.A in their approach to attracting F.D.I hasbeen a complete success. There are always going to be threats to the level of investment being

received but If Ireland play their cards right and plan properly for the future I see no reason why we

cantbe just as successful in the next 20 years. I hope this analysis has offered you some insight into

the importance of F.D.I and the work that has gone into attracting the level of investment that we

have. Thank you for reading.


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