barry o’dowd may 23rd 2014 interleges agm 2014 - dublin
TRANSCRIPT
Barry O’DowdMay 23rd 2014
INTERLEGES AGM 2014 - DUBLIN
IDA Ireland 2014 Global Reach
Current Impact of FDI
IDA Portfolio Companies: 515 from the US
166,000 / 280,000 Impact
1,050
Two thirds Business Expenditure on R&D
€8 billion€121
€21 billion
IDA Business Focus
Food
IDA focus across industry segments
Leading MNCs
2nd Tier
High Growth Companies
2013 Investments
Key Investment Highlights 2013………….200 Jobs Dublin Operations Centre
………….100 Jobs Business Services Centre
………….112 jobs - IT Services and Cyber Security Management
………….200 jobs Cork
………….450 jobs Dundalk
………....200 jobs Medical Device Manufacturing Waterford
………….€100m manufacturing investment / 100 jobs Limerick
………….200 jobs, International HQ, Dundalk
………….100 jobs EMEA Headquarters Dublin
………….Engineering Centre, Cork
………….R&D Centres, Cork / Dublin
………….150 jobs EMEA Technical Support Centre, Cork
………….400 jobs European Customer Management Centre
………….700 Jobs at Regional Hub and Centre of Excellence in Dublin
………….New investment of €170m in European Megadata Centre in Dublin
………….150 new technology jobs, Dublin
…………300 jobs, Biopharma production facility, Limerick
2014 Investments to date
ase of doing Business
Ireland’s Value Proposition
Evolution and Future of FDI
*Illustrative examples only
Analytics
Financial Services
Connected Health
Islamic Finance, Financial Technology, Green Finance
Big Data
Business Intelligence
Convergence
Why Ireland?Why Ireland? Young, highly educated, flexible, mobile workforce (Median age of the population is 35, lowest in EU)
Flexible Labour Laws
Vibrant Start-up community and events scene
Move IP to Ireland early – valuation advantages – IP Valuations have never been lower so lower exit costs should they arise
Low corporation tax rate 12.5%
Incentives around tax & visas
Export orientated, open economy with a pro-enterprise focus
Barrier-free access to over 500 million consumers in Europe.
Culturally close to Berlin & New York
Some Trends …
3D Printing
Wearables
Internet of Things
eVisits
Manufacturing and Reshoring
Services Diversity
Dropbox, AirBnB - $10bn + valuations
Financial Services Cluster
80+ leading Global Banks 8 of the top 10 Global Fund Administrators 41% of the Worlds Hedge Funds are serviced from Ireland No.1 location in Europe for Cross Border Life Insurance 9 of the Top 20 Global Financial Technology Companies
Present
Life & Reinsurance
2000’s1980’s
IT/Processing/SSC
1990’sEuropean HQ, SSC/Tech
& Ops; Analytics/R&D
Evolution of the International Insurance Cluster
25+ Years Track Record ;Continuous Evolution
Life Assurance
Gross insurance premium income for Life and Non-life insurance combined was €10,584m in 2012*
Major contributor to the Irish economy;-Employment c14,000 at end December 2012-Fiscal contribution from insurance industry = €1.6bn
International Insurance Cluster Evolution –International Centre of Excellence for a range of
Life/Non-Life/Reinsurance activities
–Functions: Front/Middle/Back Office……EMEA HQ, Cross Border distribution, Solvency II,
Compliance, Governance, Actuarial, Underwriting, Product Manufacture & Distribution;
Tech & Ops, Shared Services, Customer Support, Claims Processing, Accounting & Finance;
- Insurance Sector leveraging the ICT sector;
Source: Insurance Ireland Factfile 2012*
Analytics Cyber Security
SoftwareDevelopment
Competitiveness / Leadership
– 1st in the world for inward investment by quality and value
– 1st in Europe for the number of investment jobs per capita
– 2nd globally for the number of investment jobs per capita
The Best Place in the World to do Business
Irish Economy - Reasons to be confident …
Exited Bailout Budget Deficit – right direction Tourism – Good Growth (8.8%) / Food exports FDI doing very well NTMA / Bond Markets Economic Growth 2% - 2.8% Property – mixed recovery Demand is increasing – will create employment Unemployment decreasing – 58,000 additional jobs (2013) Emigration is falling Strategic national importance of FDI continues General Business Confidence much better
FDI Outlook 2014
• Part of Irish Economic Recovery
• Flat European Market / Competition increasing – Importance for FDI
• Pan-European consolidation investments across all sectors
• Competitiveness, Property & Skills – crucial in Irelands value
proposition
• Good immediate pipeline in Technology (ICT) Sector, Lifesciences, Financial Services, Digital media / Content, Professional / International Services
• Opportunity exists to win additional FDI / New forms of FDI
• 130+ investments in play at any one time
• Pipeline generation and conversion is a key focus
How IDA Ireland can help…
1) Start up assistance & advice for foreign investors
2) Provision of information on tax, skills, education and research programmes, labour law, investment opportunities, operating costs, infrastructure, support services, etc.)
3) Introductions to peer companies, industry groups and educational / research institutions
4) Itinerary planning and execution
5) Property & Office Solutions
6) Provision of grants for investment (Employment and R&D) in select locations
7) Continuous "After Care” support
8) Assistance with visa’s & work permits
9) Single point of contact for foreign investors
How IDA Ireland Can HelpHow IDA Ireland Can Help
THANK YOU