Ireland has not had a lot of foreign direct investments to take advantage of over the last 20 years.
But there is now a new area of opportunity in the market, one that has the potential to attract a lot more investment.
“Ireland is an attractive place for international companies to invest because it’s a low cost of doing business in Ireland,” says Paul Balfour, head of business development at global market intelligence company International Trade, which provides a database of the top 100 foreign direct investors.
“That’s one of the reasons why Ireland has so many high profile companies in the global marketplace.
It’s also because it has the opportunity to attract foreign direct investing.”
In the last couple of years, Ireland has seen a dramatic rise in the number of international companies and large global companies that have moved to Ireland.
“For example, one of Ireland’s biggest exports is automotive components, and it’s been very important for Irish car companies to move operations overseas, especially in the UK.”
There’s a lot going on in the automotive sector in Ireland, which is very exciting.
“The latest data shows that the number and value of new car orders in Ireland increased by almost 20 per cent from 2011 to 2014, reaching a new high of 696,965 units.
That figure has been driven by a huge surge in demand for car parts and vehicles, which has seen an estimated 10,000 new car sales per week.
The surge in new car and parts orders is driven by demand for new models from manufacturers like Jaguar Land Rover, which have a lot in common with Irish manufacturers like Audi, BMW and VW.”
They’re all looking for new market opportunities,” says Ms Balfours.”
This is one area where there is a lot that Ireland can offer that other countries don’t have.
“Irish car sales were up 19 per cent in the same period, and the number was up 12 per cent, with the average value of a new car order increasing by nearly €1,000, or almost €3,000 per unit.
In addition, there were almost a million new car parts orders delivered in 2014, with an average value up €1.9 million, or €4,500 per unit, according to the figures from the Department of Commerce.
There are also plans to open a second Irish factory in 2019, with plans to double the number to 30,000 vehicles per year.
The country’s manufacturing base has been growing steadily over the past few years, with demand for the automotive industry coming from China and the Middle East.
The new manufacturing plant will be located in a new factory in Co Kerry, with it expected to be completed by 2020.
We’re exporting a lot and it will continue to grow,” he says. “
We’ve now had 10,500 new car units, the majority of which are sold in Ireland.
We’re exporting a lot and it will continue to grow,” he says.
According to a recent report by the Department for International Trade and Development, the car industry is one of five sectors that employ almost half of the country’s workforce.
Ireland has a population of around 8.3 million, of which 4.6 million are employed in the car and truck manufacturing industry.