Ibec, the group that represents Irish business, launched its campaign “Ireland: a model of substance” in Brussels today, showcasing the transformational story of a country accelerating from delayed convergence to the most globalised economy in the European Union.
The campaign highlights the substance of the Irish business model and the importance of allowing small open economies the flexibility to continue to compete effectively. The ask is for the European Union to uphold and back this success.
Speaking in advance of the launch in the Sofitel Europe, Place Jourdan, Ibec CEO Danny McCoy said: “The Ibec campaign highlights how Ireland’s business model of substance is decades in the making and has developed out of tactical policy planning and implementation, including the best international practice in taxation.
“The OECD corporation taxation reforms and the dynamic changes in international economics have favoured Ireland as a highly globalised business model and have accelerated it to the fastest growing economy in the European Union. Ireland now has the modern day equivalent of a resource economy with substantial intellectual capital and intangible assets at its core.”
The substance behind the Irish business model, as the campaign shows, can be characterised by the following:
- · Evolution of the business model has been seven decades in the making by embracing globalisation.
· Global Footprint by matching foreign direct investment and the influx of multinationals with strong outward direct investment and the establishment of export markets abroad.
· Full Business Lifecycle is when all activities from R&D to production, on to sales, marketing, logistics and finance take place within the business model.
· World Class Economy is globally competitive in terms of people and research with performance driven from a strong and collaborative business culture. It attracts decision makers at the top of their game and invests in R&D to create a culture of excellence.
· Global Hub is where top international companies converge to locate their headquarters in a particular territory. It is crucially important to provide ease of access to global markets.
· Clusters is when the business model is characterised by a dynamic ecosystem involving multinationals in different sectors generating local SMEs and partnering with the indigenous sector along with higher education, health and research institutions. It is where the proximity of leading edge sectors and talent gives a huge comparative advantage.
The imperative is to have a European Union that champions countries like Ireland to continue to compete effectively by recognising their importance in terms of population dynamics and economic success.
Go to our dedicated campaign website: www.ibec.ie/irishsubstance for more information.