Dublin up two places to third in FDI rankings – FT publication
08 March 2016
Dublin has been placed third in the latest rankings of the FDI European City of the Future 2016/2017.
The rankings were compiled by the latest ‘FDI Magazine’ (Foreign Direct Investment), a Financial Times publication which provides a highly credible benchmark for assessing the investment landscape across the continent.
The primary award resulting from the publication is that of FDI European City of the Future 2016/2017, and Dublin, driven by strong investment in software and IT, has improved its position from fifth place two years ago, to third place in the latest release.
The software and IT sector accounted for 45 per cent of all of the city’s FDI from 2010-2014 and several major US tech companies have now got a presence in Dublin. This software boom has led to Dublin Docklands being termed the ‘Silicon Docks’.
In addition to this overall award, Dublin is also ranked in the top three major European cities for economic potential and for business friendliness, while also ranking fourth place for foreign direct investment strategy.
As a region, Dublin was also ranked as being the best small European region of the future and as being the best small European region for economic potential and for business friendliness.
Dublin’s educated workforce, favourable quality of life and business-friendly environment are strengthening the city’s reputation as a global investment hub.
The appeal of Ireland for foreign direct investment is enhanced by an attractive tax system and government agencies such as the Industrial Development Agency (IDA), Enterprise Ireland (EI) and the Local Enterprise Office (LEO) network provide companies and start-ups with vital support and financial aid.
The city’s thriving start-up community, combined with its strong local ecosystem for entrepreneurship, also make it an ideal location from which to set up, and grow, a business.
Dublin, a ‘smart city’ where technology and innovation go hand in hand is home to:
- Nine of the world’s top 10 technology companies;
- 50 per cent of the world’s top banks;
- 250 global financial institutions;
- 10 of the world’s top 20 insurance companies;
- Nine of the world’s top 10 pharmaceutical companies;
- 17 of the world’s top medical technology companies.
Greg Swift, head of enterprise, Local Enterprise Office Dublin City, said: “Dublin, the driver of Ireland, Europe’s fastest growing economy, is an ideal location from which to access the European Union’s 500 million customers.
“In addition to being the only English speaking country in the eurozone, the business climate that has been created is very favourable and this is evidenced by Dublin being the second best major European city for business friendliness in these rankings. The strong infrastructure for FDI which exists in the city and region enhances the ease with which companies can establish themselves in Dublin.”
A number of locally driven activities, led by Dublin City Council and LEO Dublin City, are also enhancing the economic potential of the city. The Dublin City Local Economic and Community Plan is a six-year plan of the economic actions that will be delivered by stakeholders with a remit in the city.
Furthermore the ‘Dublin Economic Monitor’ http://bit.ly/DubEconomicMonitor provides a quarterly update on the Dublin economy allowing for economic activity in the city to be regularly measured. Dublin.ie a website providing information on all aspects of living, working and investing in Dublin will soon go live providing an additional instrument to attracting the talent and investment needed to develop the city and region further.http://www.engineersjournal.ie/2016/03/08/dublin-up-two-places-to-third-in-fdi-rankings-ft-publication/http://www.engineersjournal.ie/wp-content/uploads/2016/02/aaadub1-1024x576.jpghttp://www.engineersjournal.ie/wp-content/uploads/2016/02/aaadub1-300x300.jpgNewsDublin,Enterprise Ireland,investment