2015 Report American Chamber of Commerce Ireland - www.amcham.ie
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
American Chamber of
Commerce Ireland
2015 Report
www.amcham.ie
What makes us different?
Over 70%* of companies setting
up in Ireland choose us
Why have these companies chosen us?
Because we’re the number one** corporate bank in Ireland.
Our dedicated FDI team offer a leading service
to international companies setting up operations here.
And we have extensive experience of both the
local investment market and the varied requirements
of international investors. It’s why in 2013, some of
the world’s leading companies chose to work with us.
To experience why we’re different contact:
Derek Collins Dan O’Donnell
EVP Corporate Banking VP Corporate Banking
+353 (0)76 624 4595 +353 (0)76 62 45538
+353 (0)86 259 2496 +353 (0)86 389 4652
Corporate Banking
derek.collins@boi.com dan.odonnell@boi.com
* Bank of Ireland analysis of publically available information in relation to FDI companies established in ROI, 2013.
** Bank of Ireland analysis of independent industry statistics 2013.
Bank of Ireland is regulated by the Central Bank of Ireland.
US companies in Ireland
top of our boardroom agenda
For many decades A&L Goodbody has worked
closely with US corporations in Ireland. Our
approach combines excellence of legal advice
with commercial thinking, assisting business
leaders to develop and innovate in their markets.
For further information please contact:
Julian Yarr, Managing Partner,
IFSC, North Wall Quay, Dublin 1.
E: jyarr@algoodbody.com T: +353 1 649 2000
IRELAND’S MOST
INNOVATIVE LAW FIRM
European Awards IRISH LAW FIRM
2014 OF THE YEAR
Winner
DUBLIN BELFAST LONDON NEW YORK SAN FRANCISCO PALO ALTO www.algoodbody.com
3
Contents
Forewords & Testimonials What others say about Ireland 37
An Taoiseach, Enda Kenny TD 5 Created in Ireland 39
Kevin O’Malley, US Ambassador to Ireland 7 The Irish-US Economic Relationship 2015, 45
Richard Bruton TD, Minister for Jobs Enterpise 9 by Joseph Quinlan
& Innovation Investment Highlights 2014 51
Thomas J. Donohue, President & CE, US Chamber 11
of Commerce The American Chamber of Commerce Ireland
Susan Danger, Managing Director, AmCham EU 11 Look back on 2014 61
Martin Shanahan, Chief Executive, IDA Ireland 13 American Chamber Gala Events 2015 66
Julie Sinnamon, Chief Executive, Enterprise Ireland 15 Membership Programmes 67
Membership Groups 69
Board of Directors
President’s Foreward, Eamonn Sinnott 19 Listing of American Chamber of Commerce 72
Chief Executive’s Foreward, Mark Redmond 21 Ireland members
US investment in Ireland Useful information 91
Why Ireland Infographic 23
Ireland: The Global Location of Choice 25
for Investment
Global Vision
Local Focus
Invesco are Ireland’s leading Employee To find out how we can assist your
Benefits and pension advisors. organisation with setting up in
Ireland, please contact:
We specialise in developing innovative Gary Morrissey
benefits solutions for international Head of Business Development
companies in Ireland.
T +353 1 294 7600
Our mission is to protect the future E gmorrissey@invesco.ie
financial security of our clients and
W www.invesco.ie
their employees.
Dublin Cork
Invesco Limited is regulated by the Central Bank of Ireland. An analysis of Invesco’s activities between those that are regulated by
the Central Bank of Ireland and those that are not is set out on the company’s website www.invesco.ie.
An Taoiseach,
Enda Kenny, T.D.
5
2014 was a great year for inward investment in introducing a ‘Knowledge Development Box’ to
Ireland as employment by IDA client firms reached incentivise investment in knowledge-based activities
historic new highs. Our unrelenting focus on jobs and in Ireland. We have published the Road Map for
investment will continue into 2015 and beyond. We Ireland’s Tax Competitiveness, which is designed to
are planning a range of updated economic strategies keep Ireland the number one investment destination
this year as we focus on returning to full employment We will
for the top companies in the world.
by 2018, two years earlier than anticipated. To continue to provide certainty, clarity
achieve this, we are targeting 40,000 more jobs
and confidence to American Chamber
this year while reducing the unemployment rate
members about investing in Ireland,
to below 10%.The role of foreign direct
while the Chamber continues its important work
investment from American companies representing US companies and promoting Ireland
will be essential to Ireland’s ongoing as the best location for US investment. I wish all
recovery. In recognition of this, we will continue American Chamber members continued success and
to keep Ireland competitive and attractive to inward prosperity in 2015 as we work together to create jobs
investment. We are in the first year of a multi-year and opportunity for our people.
programme to reduce taxes on work, our competitive
corporate tax rate will remain at 12.5% and we are
Board of the American Chamber meet with An Taoiseach, Enda Kenny TD, September 2014
In 2014 Intel celebrates 25 years of operating in
Ireland. Since 1989 Intel has invested $12.5 billion
In 2014 Intel celebrates 25 years of operating in
in transforming our Leixlip campus into a location
Ireland. Since 1989 Intel has invested $12.5 billion
that today represents the largest industrial
in transforming our Leixlip campus into a location
investment in the history of the Irish State.
that today represents the largest industrial
investment in the history of the Irish State.
On average each year Intel contributes
€880 million to the Irish economy and
On average each year Intel contributes
supports 7,068 full-time equivalent jobs.
€880 million to the Irish economy and
supports 7,068 full-time equivalent jobs.
We look forward with excitement to
the opportunity of the next 25 years.
We look forward with excitement to
the opportunity of the next 25 years.
www.intel.ie
www.intel.ie
Kevin O’Malley
Ambassador of the United States of America to Ireland
7 Upon my appointment as U.S. Ambassador to Ireland the Atlantic and with our wider societies on how we can
President Obama asked me to nurture the United States- continue to unlock the enormous innate talents of our
Ireland trade and investment relationship. This is a role peoples. Choosing talent development as a core theme
that I have put at the top of my personal list of priorities. this year, the American Chamber acknowledges both the
As the American Chamber 2015 Report clearly shows, challenges and the tremendous opportunities in this area
our bilateral relationship is remarkably and the unique synergies between Ireland and the United
dynamic, delivering jobs and clear States.
economic benefits, and strengthening
The American Chamber plays a crucial role in bringing
the deep bonds that already exist the voice of American companies in Ireland together so
between our two countries. that innovation can thrive and jobs can grow. One key
aspect of forward progress in 2015 will be negotiations
Despite the challenges of the past few years of global between the U.S. and the EU on the Transatlantic Trade
economic turmoil, U.S.-Ireland investment has and Investment Partnership, or TTIP. I look forward to
held strong. Even during difficult times, American continuing our work with the Chamber to help people
companies in Ireland continued to invest and to plan understand that TTIP will bring opportunities to Ireland
for the future by doubling down in terms of innovation and that such opportunities can bring real jobs to real
and technology. I have witnessed this first-hand having people.
visited state-of-the-art manufacturing facilities in
Dublin, Cork, Galway and Limerick. I acknowledge and congratulate Louise Phelan on her
year as President. Mark Redmond’s stewardship as
The very heart of a company lies in its most valuable CEO is most impressive. Good luck to Eamonn Sinnott
asset – its people. Young innovators, pioneers in as he assumes the role as President in 2015.
research and development, front-runners in corporate
responsibility, and the leaders of tomorrow will together The Embassy team and I are committed
shape the future global business landscape. I have seen
to supporting the American Chamber
the ambition and drive of U.S. companies and their
people here. These people see the world as their stage. of Commerce in its work to increase
Their vision for innovation is inspiring. shared prosperity through innovation,
entrepreneurship, and leadership.
What is clear, however, is that these big ambitions cannot As Ireland enters a new exciting chapter of economic
be achieved without the investment in human talent to growth, we must work collectively to explore opportunities
actualize the next generation of innovation. I look forward to enhance our unique bilateral commercial partnership.
to working with the American Chamber of Commerce here My initial travel around Ireland has only whetted my
to continue the dialogue with the U.S. and Irish business appetite to further explore these possibilities and I look
community, with educational institutions on both sides of forward to working with you on this journey in 2015.
8
Inspiration
Breakthrough treatments often begin with a spark of insight,
but patients are the true inspiration for what we do. We’re focused on
translating potential into promise for those who need it most.
Focused on what truly matters.
PHI/2014/025/1
November 2014
Richard Bruton, T.D.
Minister for Jobs, Enterprise and Innovation
9 I welcome the publication of this American Chamber As a result of the changes we have made, we have
of Commerce 2015 Report that provides compelling performed very strongly in challenging global economic
insights on US investment in Ireland from leading conditions, creating over 25,000 net new FDI jobs in
figures from the world of politics and business. agency supported foreign entities in the last four years,
a testament to our strong track record and supportive
Foreign Direct Investment (FDI) has played a significant operating environment.
role in advancing Ireland’s economic development over
the past decades and will continue to do so. FDI, and investment from US
multinationals, will continue to be a
Through the Action Plan for Jobs, we have put in place
cornerstone of Ireland’s enterprise
a range of measures to make Ireland a more attractive
location for FDI, and this process will continue in the policy and a key contributor to Ireland’s
coming years. Last year we published a Policy Statement future growth.
on FDI in Ireland that sets out the blueprint and steps we
will take to truly differentiate Ireland’s offering, and we Ireland’s economy is at a turning point, and we are
will shortly publish a new IDA strategy with ambitious focused, as a government, on investing in a future
targets for further job-creation. built on differentiating what we offer to globalising
enterprises, realising sustainable growth,
and providing jobs for our skilled people.
Richard Bruton TD, Minister for Jobs, Enterprise & Innovation, launches an American Chamber report on talent,
December 2015C
Thomas J. Donohue
President & CEO, US Chamber of Commerce
11 On behalf of the US Chamber of Commerce I would like In 2015 through TTIP we are presented with a
to wish Ireland’s US business community continued tremendous opportunity to enhance further the
success in 2015 and into the future. relationship between the US and Ireland, and indeed
between the US and Europe as whole. I am excited
I have been lucky to pay several visits about these prospects and encourage the entire
US business community in Ireland to get behind
to Ireland and witness first-hand the
these negotiations. Finally I would like to wish my
tremendous work that is conducted by colleagues in the American Chamber of Commerce
US companies in Ireland. Ireland every success in the exciting year you have
planned ahead.
In recent years Ireland has developed a well-deserved
reputation as a top location for business. This,
along with the ongoing strength of investments, is
a testament to the talented workforce available in
Ireland.
Susan Danger,
Managing Director, Amcham EU
AmCham EU wishes its colleagues at AmCham network of 45 Chambers around Europe
Ireland all the very best for 2015. We enjoy excellent – forward-thinking and innovative and
cooperation and have worked together extensively
always producing work of the highest
over many years on different issues and projects
but, particularly on promoting the ‘Case for Investing
possible quality. We have also undertaken an
exchange with our team visiting the team in Dublin. This
in Europe’, on Data Protection and most recently on
mutually beneficial best practice-sharing session was
the Transatlantic Trade and Investment Partnership
very much valued by all of us. I look forward as always
(TTIP). AmCham Ireland is for me one
to collaborating together on new ventures.
of the most dynamic Chambers in theNew ideas emerge
from collaboration
Gain perspective and clarity to achieve real-world results.
In today’s economy, you need advisers with a breadth of skills and expertise. With insights into your specific business issues.
Who can work with you to develop the right solutions.
Towers Watson brings together global perspectives on people, risk and financial issues to help you build a clear path to improved
business performance.
For more information, contact our Managing Director – Ray McKenna, +353 1 661 6448, ireland@towerswatson.com
Towers Watson. A global company with a singular focus on our clients.
Benefits
Risk and Financial Services
Talent and Rewards
towerswatson.com
Copyright © 2015 Towers Watson. All rights reserved.
TW-EU-2015-41842. January 2015.
Towers Watson (Ireland) Limited is regulated by the Central Bank of Ireland.Martin Shanahan
IDA, Chief Executive
13 Ireland has moved from a recovery phase into a high In order to deepen the relationship further, we need to
growth phase and investment by US companies has explore new ideas, new sectors and new approaches
been vital in making this transition in a relatively and this year IDA will unveil a new five year strategy
short period of time. to take us there.
As CEO of IDA Irelandthe US-Ireland At the heart of this strategy will be
relationship is absolutely pivotal and the importance of US companies to
there is no doubt that US corporates have been Ireland. What has marked out the relationship
instrumental in helping Ireland reach its current high between Ireland and US companies over the decades
rate of growth, which is the highest in Europe. has been constant change and today is no exception.
US companies are famous for embracing change
Throughout the dark days of the financial crisis, and innovating and I believe IDA as an organisation
Ireland’s attractiveness to US companies never operates similarly. Together both IDA Ireland and the
dimmed and now it is time I believe to develop and US companies we work with, so ably represented by
expand this relationship even further. the American Chamber, can look forward to an even
deeper relationship in future that delivers for both
2014 saw IDA’s total employment numbers hit their our countries.
highest level in the organisation’s history at just shy
of 175,000 people. Over 70% of this employment I wish all American Chamber members a happy and
comes from US companies. I am confident Ireland prosperous 2015.
and the US can maintain this level of employment
and grow it further in the years ahead. For example
US companies accounted for 73% of the jobs created
by IDA clients last year alone.14
Julie Sinnamon,
Chief Executive, Enterprise Ireland
15 Year on year, Enterprise Ireland client companies have of them committing senior management there to drive
been increasing their global exports, and the story from their growth plans.
the USA is no different. In 2013, client exports to the US
grew by almost 10% to €1.8bn, and all the indications Enterprise Ireland has likewise increased its presence
are that this growth is continuing as we move into 2015. in the market, and now has four offices in the US:
New York, Boston, Silicon Valley and Austin, Texas,
We are seeing growth across all of the industry sectors supporting clients who have the ambition, commitment
in the US and across the board, there are massive and resources to significantly grow their sales in the
opportunities for Irish companies. Our experience is US market. The US and Ireland have had a very special
that companies need to be, and our clients are hugely and fruitful relationship for generations which our
ambitious and innovative in how they approach the respective companies have taken advantage of. The
US market.An increasing number of companies contribution made by Irish companies in America and
are establishing a presence there with almost 430 vice versa is enormous and Enterprise Ireland looks
Enterprise Ireland clients now on the ground, employing forward to helping them bring this to even greater
thousands of people across a wide number of states. heights in 2015.
Almost 40% of these companies have set up a US
presence in the last five years with a significant numberThe Voice of US Companies in Ireland Ireland The leading location for FDI The American Chamber Ireland’s leading international business organisation For more information or to apply for membership: American Chamber of Commerce Ireland 6 Wilton Place, Dublin 2, Ireland T +353 1 661 6201 E info@amchan.ie www.amcham.ie
BOARD OF DIRECTORS
17
President Chief Executive
Eamonn Sinnott Mark Redmond
GM Intel Ireland American Chamber of
VP TMG Intel Corporation Commerce Ireland
1st Vice President Honorary Secretary/Treasurer
Tom Mangan Sharon McCooey
Vice President Operations Senior Director International Operations
Boston Scientific LinkedInBOARD OF DIRECTORS
Stephen Creaner Brian Longstreet
General Manager & Managing Director
Director of Operations MSD Ireland
Waters (Human Health)
18
Ger Cronin James O’Connor
Vice President International Managing Director
Operations Microsoft EMEA
Abbott Nutrition Operations Centre
Stuart Dwyer Peter O’Neill
Deputy Chief of Mission Managing Director
US Embassy Dublin IBM Ireland
Mark Gantly Feargal O’Rourke
Managing Director Senior Partner Elect
Hewlett Packard Galway PwC
Libby Gribben Barry O’Sullivan
Senior HR Director General Manager
Xilinx Vistakon
Séamus Hughes Louise Phelan
General Manager VP Global Operations EMEA
Zeus Industrial PayPal
Products
Peter Keegan Bob Savage
Country Executive Ireland Vice President & Managing
Bank of America Director of Ireland COE
Merrill Lynch EMCPRESIDENT’S FOREWORD
Eamonn Sinnott
19
Our Chamber has a very will reflect an extensive programme of consultation
with members and other key stakeholders. In May,
ambitious agenda for 2015. in partnership with the Royal Irish Academy, we
will present the inaugural US-Ireland Research
Innovation Awards which will celebrate breakthrough
While the level of US FDI in Ireland now stands at an
innovations on the island of Ireland in Irish operations
all-time high, so does the global competition for that
of US companies; higher education institutions; and
investment. Our Chamber has a very clear mission – that
Irish owned businesses with links to US FDI.
Ireland remains the global location of choice for US FDI.
In 2015, we will focus on a number of key factors that the
Chamber believes are central to continued FDI success.
The Chamber believes that
Talent is at the top of this list. We are seeing
strong growth in the number of great career opportunities
an ambitious enterprise
in Ireland - many of these are in specialisms that did
not exist five years ago. Our Chamber is engaged in
and investment roadmap
a number of projects focussed on developing and
attracting talent. This includes an increased emphasis
would benefit all businesses
on STEM subjects at primary and secondary level, and
our support for the Employment and Youth Activation
operating in Ireland.
Charter. We will also engage in a campaign to attract The success or otherwise of our agenda will be
talent to Ireland – our primary target audience will be driven by the support we receive from you – our
graduates of Irish third level institutions currently based members. I look forward to working with you, our
abroad. This campaign – World of Talent @Ireland Board and the Chamber team in the coming year to
- will be run in partnership with IDA Ireland, our third achieve our ambitious objectives and I look forward
level institutions and our social media members. to hearing your views.
Innovation is also essential to our I am looking forward to working all the membership
success. In early 2015 we will present Government throughout 2015 to ensure it is a very successful year.
with the Chamber’s “Research, Development and
Innovation Policy Statement”. Our recommendations20
partnership.
Project delivery specialists for US International
Office Network
US Office
Network
companies in Ireland and across the Belgium Boston
China San Jose
world in Pharmaceutical, Food, Mission Czech Republic
India
Critical, Advanced Manufacturing & Ireland
Poland
Medical Technology Sectors. Russia
Saudi Arabia
Singapore
Slovakia
Turkey
UK
www.pmgroup-global.com
The project delivery specialistsCHIEF EXECUTIVE’S FOREWORD
Mark Redmond
21
This Report provides you with a clear picture of the both sides of the Atlantic single out talent as the key
strength of the US-Ireland Economic Relationship – factor. That is why Rick Gonzalez, Abbvie’s Global
and its depth. US FDI has very strong roots throughout Chairman and CEO, spoke about the importance he
Ireland. Many of our member companies recently places on the “can-do approach” of the Abbvie Ireland
reached significant milestones in their Irish investment team when opening the expanded Sligo facility with
journey. In 2014 BD marked their 50th anniversary in the Taoiseach in June 2014. It is also why Adam
Drogheda with another major job announcement and Bain, Twitter’s President for Global Revenues said in
Intel marked their 25th anniversary in Ireland, with an November that the Irish team were “…not just the best
accumulated investment in their Leixlip Campus of in the company but the best in the industry.”
$12.5 billion. This year Microsoft will celebrate their
30th year in Ireland, Xilinx their 20th , and Citi their The Chamber will, throughout 2015, engage with
50th. Bristol Myers Squibb also mark 50 years in Government and the relevant State agencies and
Ireland which coincides with the recent announcement institutions on our policy proposals to develop
of plans to construct a new state-of-the-art, large-scale and attract talent. We will also implement our own
biologics manufacturing facility. These are just some programme of talent initiatives.
examples of the sustained success of US FDI in Ireland.
The common denominator in this success – and the We recently surveyed our members on your views of the
number one policy priority of the Chamber – is talent. Chamber’s role and relevance. This showed that over
90% of you feel that the Chamber is highly influential
and would recommend membership to others. The
There are many reasons why strength of our Chamber is driven by the very strong
leadership at Board level and the extensive support
we continue to win US FDI and engagement by our sector leaders and members
throughout the country.
and the Chamber keeps a
On behalf of my colleagues on the Chamber team I
strong advocacy focus on all want to thank all our members for this support and we
look forward to working hard on your behalf throughout
of them 2015 to ensure that Ireland remains a global leader for
US FDI.
These include cost competitiveness; physical and
virtual infrastructure; connectivity; tax; creating great
places to live and data regulation. But our leaders on22 RED E F I N E HYBRID CLOUD
WHY IRELAND
23
US COMPANIES HAVE
$240b
FASTEST
GROWING
ECONOMY
IN FOREIGN DIRECT INVESTMENT
IN EUROPE
(FDI) IN IRELAND
130,000
people employed in US
companies in Ireland
$100 BILLION EXPORTS24
IRELAND RANKS #1 IN THE WORLD FOR:
Flexibility and adaptability of its workforce
Investment Incentives
Availability of skilled labour
TOP LOCATION
IN THE WORLD FOR
WORLD’S
‘ADDED VALUE’
third most
OF FDI PROJECTS globalised
- IBM GLOBAL LOCATION
TRENDS REPORT
ECONOMY
- EY
HIGHEST LEVEL OF THIRD
LEVEL ATTAINMENT IN THE EUIRELAND: The Global Location
of Choice for US Investment
25
Ireland has established itself as the global
location of choice for US companies looking
to grow through Foreign Direct Investment.
This reputation is down to many factors such as global competitiveness. Ireland’s performance
the country’s world class talent pool and pro- is particularly strong in certain key business
enterprise approach. measures, such as
Global Endorsements •
1st in the world Flexibility and
Adaptability of workforce
The definitive report on countries’ competitiveness
is the IMD’s annual World Competitiveness • 1st in the world Availability of skilled labour
Yearbook. The 2014 Yearbook saw Ireland build • 1st in the world Investment Incentives
on its gains of recent years and is now ranked as
the 15th most competitive location in the world. • 1st in the world Attitudes towards
This represented an increase of nine places in globalisation
just four years, placing Ireland in the top tier of26 Continuing to deliver construction solutions Building in Ireland for 58 years; it’s in our DNA • Biopharma • Pharmaceutical • Cleanrooms • Refurb & Fit-out • FDI Hi-tech Facilities • Healthcare • Infrastructure • PPP Investment Contact: Mike Jones 087 6297738 www.bamcontractors.ie
27
The IBM Global Location Trends report has Ireland ranked 12th in Bloomberg’s ‘50 Most
named Ireland as the top location in the world for Innovative Countries’
‘added value’ of FDI projects.
• 7th for Manufacturing capability
Ireland was ranked as the 11th most innovative
• 8th for Productivity
country in the Global Innovation Index 2014.
• 9th for Tertiary efficiency
Ireland is ranked 13th for ‘ease of doing business’
by the World Bank. Ireland is also one of the top
ten countries that are improving the ease of An EY index ranked Ireland as the world’s third
doing business. Strong performance indicators most globalised economy. Our position was
for Ireland include: attributed to “outstanding performances in the
movement of capital and finance and in cultural
• 6th for Protecting investors integration.”
• 6th for Paying taxes
• 8th for Resolving insolvency
• 12th for Starting a businessBE WELL.
NOT A WISH. A PROMISE.
For more than 150 years, a very special passion has driven the people of MSD. A leading global healthcare
company, we have a longstanding presence in and commitment to Ireland and aspire to be the best human
and animal healthcare company in the country. Our goal is to develop medicines, vaccines and animal health
innovations that will improve the lives of millions.
We employ over 2,000 people across eight businesses in Carlow, Cork, Dublin, Tipperary and Wicklow, including
manufacturing sites, global financial services and commercial operations. A member of Guaranteed Irish, we
are proud to be one of Ireland’s leading exporters, manufacturing and packaging many of our leading products
in Ireland for the world’s markets.
See all we’re doing at msd.ie
/MSDinIreland
Copyright© 2014 Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Whitehouse Station, NJ, USA. All Rights Reserved. CARD-1088502-0008IRELAND: The Global Location
of Choice for US Investment
29
Talent best in the world; ranked 4th by the IMD. Ireland
currently has over 250,000 third level students
Ireland has developed a reputation as the top and the country has the highest rate of third level
location in the world to find a talented and skilled attainment in Europe.
workforce. This is consistently cited by investors
- 6 0% of secondary students go on to higher
as the number one reason behind our success.
education
The IMD ranks Ireland as number one in the - Ireland’s share of population aged 15-34 with
world for the availabilty of skilled labour, while third level qualifications is higher than in the
also ranking Ireland as number one in the world US or UK, and above the OECD average
for the flexibility of its workforce.
- O
ver 70,000, almost one third, of students are
The demographics of the country’s workforce are enrolled in courses in the areas of science and
also particularly attractive to investors. This is engineering.
because it is both English speaking and young,
with 50% of the population below the age of 35 The talent in Ireland is constantly adapting to the
Ireland has the youngest population in Europe. needs of industry and this has seen an increase of
20% in students undertaking STEM courses, and
Ireland’s education systems is also one of the 31% in those applying for computing courses.30
IRELAND: The Global Location
of Choice for US Investment
31
Economy
Following several difficult years Ireland’s economy
is growing once again. The European Commission
now predict that Ireland will have the fastest
growing economy in the EU in 2015.
Ireland’s key economic indicators
2012 2013 2014 (f) 2015 (f) BROAD TREND
Irish GDP Growth 0.2% -0.3% 4.5% 3.4%
Irish GNP Growth 1.8% 3.4% 4.9% 3.1%
Irish Inflation (CPI) 1.7% 0.7% 0.4% 1.1%
Main ECB Interest Rates
1.0% 0.25% 0.05% -
End of Year
Irish Unemployment 14.8% 13.6% 11.1% 10.3%
Balance of Payments C/A €2,698b €7,634b €11,832b €12,408b 32
Mark O’Sullivan Gina Conheady Robert O’Shea
The first rule of success The success of any law firm can be measured by the quality of
its people and its clients. We have the best of both.
Surround yourself with the best We are committed to having a strong presence where our clients
are located. We were the first European law firm to establish a
presence in Silicon Valley and, together with our office in New York,
we are proud to have the market-leading Irish presence in the US.
Our International Business Group advises international companies
on cross-border transactions and the establishment of business
operations in Ireland.
Matheson. The law firm of choice for international
companies and financial institutions doing business
in and through Ireland.
Contact:
Financial Times 2012-2014 Robert O’Shea, Head of International Business
Matheson is the only Irish law firm commended by E robert.oshea@matheson.com
the Financial Times for innovation in corporate law,
Mark O’Sullivan, Resident Partner, Palo Alto
finance law, dispute resolution and corporate strategy.
E mark.osullivan@matheson.com
Irish Tax Firm of the Year 2013 Gina Conheady, Resident Partner, Palo Alto
International Tax Review E gina.conheady@matheson.com
Dublin London New York Palo Alto www.matheson.comIRELAND: The Global Location
of Choice for US Investment
33
Tax
Ireland has an internationally renowned reputation As part of the 2015 Budget a new Corporate
as a competitive location for tax. The cornerstone Tax Roadmap was introduced which allows
to this is a corporate tax rate of 12.5% which American companies currently considering
has been consistently been confirmed as settled setting up operations in Ireland, and those
policy by successive governments. already here, to plan with confidence about the
future direction of taxation policy.
Budget 2015: Corporate Tax Road Map
1. Maintain the 12.5% Corporation Tax Rate, supported by independent research
2. Introduce default corporate tax residence rule
3. Improve intellectual property regime
Consult to develop “Knowledge Development Box” and enhance existing IP regime
4. Enhance R&D regime – remove base year restriction
5. Enhance Special Assignee Relief Programme (SARP) to attract mobile talent
6. Enhance Employment & Investment Incentive (EII) to support indigenous businesses
7. Enhance the Foreign Earnings Deduction (FED) tax regime, to support Irish businesses in
accessing foreign export markets
8. Increase Revenue competent authority resources to defend transfer pricing disputes
9. Continued expansion of Tax Treaty Network
10. Maintain commitment to ensuring an open and transparent tax regime
Source: Department of Finance Corporate Tax RoadmapReaching new heights...
...the world’s largest independent
memory manufacturer
Founded in 1987 with a single product offering, Kingston® now offers more than
2,000 memory products that support nearly every device that uses memory, from
computers, servers and printers to MP3 players, digital cameras and mobile phones.
In 2009, the company’s sales reached $4.1 billion.
Kingston Technology International Limited
Blanchardstown Industrial Park
Snugborough Road
Blanchardstown
Dublin 15
T +353 1 812 8888 F +353 1 812 8830
www.kingston.ie
www.kingston.comIRELAND: The Global Location
of Choice for US Investment
35
FDI Strategy
In July the Government released a new strategy
paper on FDI which outlines the priority areas
to ensure the country becomes an even more
attractive location for investment in future. This
includes a keen focus on developing even stronger
talent.
The Government will intensify its efforts to nurture and develop those areas that will genuinely
differentiate Ireland’s offering, and specifically:
1.
Talent: Ireland as an internationally competitive location for talent attraction and growth.
2.
Place-making: to create competitive, dynamic and globally connected city regions as attractors
of investment, and position Dublin as the leading European hotbed for start-ups, fast growing
firms and talent.
3.
Connected world leading research: Ireland recognised as one of the most enterprise aligned
science, technology & innovation systems in the world, renowned for excellence in research,
connecting and collaborating with enterprise, delivering sustainable economic impact, and
attracting investment and exceptional talent.
Ireland will also strengthen its approach to sectoral ecosystem development, drawing from
international best practice to support accelerated development of sectors and activities (including
foreign and Irish firms) in the Irish economy for the longer term.
Source: Department of Jobs, Enterprise and Innovation Policy Statement on FDI in IrelandBring your talent 36 We're looking for left brainers, right brainers, problem solvers, mind benders, courageous thinkers, the brightest, the risk takers. Here at Microsoft Ireland, we help change the way the world lives, works, and plays. Explore the diverse nature of our businesses and job opportunities and, if you like what you see, consider joining us - our people are some of the most extraordinary people you’ll ever meet. Celebrating 30 years in Ireland www.microsoft.com/ireland/careers
What others say about Ireland
37
Our team here is not only the best in
Europe, it’s the best in the industry
Adam Bain, President, Global Revenue & Partnerships, Twitter
We are excited about the talent we have
found in Ireland and the response we’ve
had since entering the European market
Aaron Bell, CEO, Founder, AdRoll
Hiring top talent isn’t easy. And we’ve
been able to do it here
Drew Houston, Founder & CEO, DropboxThe Dublin office has been phenomenal
for us... We have found an unbelievable
workforce and leader
Ryan Smith, CEO, Qualtrics 38
We have been extremely impressed with
the creativity & strong technical talent
available in this country
Werner Vogels, Chief Technology Officer & Vice President, Amazon
Our Galway Business Services Centre has
been vital to our global growth over the
past few years
Daryl Ralford, Chief Financial Officer, Genband
If the lights were to go out in California,
Dublin would maintain Google worldwide
Nelson Mattos GoogleCREATED IN IRELAND
39
As a world leading location for foreign direct investment
Ireland produces items used by millions of people across
the world on a daily basis, not to mention a host of globally
iconic products. This includes:
•
33% of the world’s contact lenses •
1 in 5 burgers served in European McDonalds
is made with Irish beef
•
50% of ventilators used in acute hospitals
worldwide •
Intel Galileo board and Quark X1000 chip
were both designed in Ireland and extend
•
80% of the world’s stents Intel’s capabilities in rapidly growing areas
•
100% of the world’s Botox •
Driver vision systems technology is
manufactured in Galway which can park your
•
An injectable device that 30 million diabetes car without you being in it.
sufferers rely on
•
‘Microneedles’ – tiny needles etched into a
•
45% of the world’s Tic Tacs – (36 Tic Tacs are medical patch which can painlessly deliver
produced per second in the Cork factory.) agents such as vaccines.
•
12 million Jelly Beans daily •
A ‘speed gene’ test to help match horses with
courses and inform breeding and training
•
Sudocrem was invented and still produced decisions.
solely in DublinYour heart will beat more than
two and a half billion times in your lifetime... 40
...laya healthcare
will be there for every
single one.
Call us on 1890 904 076
to speak to our corporate business team or visit
www.layahealthcare.ie/foremployers
Insurance provided by Elips Insurance Ltd trading as
Laya Healthcare. Laya Healthcare Limited trading as Laya
Healthcare is regulated by the Central Bank of Ireland.
PROUD MEMBER looking after you alwaysCREATED IN IRELAND
41
Created In Ireland: Quark or based sensor technology that will enable
environmental sensing across the city detecting
air quality and micro-climate conditions.
Three quarks for MusterMark! / Sure he
hasn’t got much of a bark / And sure any According to Noel Murphy, Intel’s Quark
he has it’s all beside the mark engineering manager the new chip was the first
Intel processor to be designed in Ireland. He
James Joyce, explained that Ireland was chosen as the place
Finnegans Wake where Quark would be created because of the
talent the company already had here in product
Joyce introduced the term quark in Finnegans design “It was a very significant departure for
Wake and it seems appropriate that an Irish novel Intel. The company foresaw the internet of things.
should inspire the name of a computer processor We started that back in 2011 to take computing
made in Ireland. into every fabric of your life from all sorts of
things around you: traffic lights, tables, lighting,
Intel’s new Quark processor family will be used weighing scales and soon. Computing was getting
to help develop new products in new markets smaller. Processors were getting smaller, but
such as the internet of things which means more powerful and if you follow that line down a
making everyday objects capable of connecting desktop to a laptop to a phone – it’s obvious to us
to the web so they can be interacted with from that computers will disappear in to the fabric of
automotive to industrial to wearable computing. our lives, in walls, tables, transportation etc. And
Infact Intel is working with Dublin City Council the Quark chip will be integral to that.”
on a SmartCity project using Intel Quark process
Created in Ireland profiles first appeared
in American Business 2014 in the Irish
Times on July 4 2014’ published in
association with the American Chamber
of Commerce IrelandSome call them optimists. 42
The founders.
The leaders.
The innovators.
Those committed to seeing
opportunities through.
We call them progress makers.
Be they multinationals wanting
to invest in Ireland or Irish companies
looking to expand into markets
around the world.
We’ve made it our job to believe
in their ideas and to be there
to help make them happen.
HERE’S TO To our clients and stakeholders,
50 YEARS
thank you for making Citi a part
of your success and Ireland’s
progress over the last 50 years.
OF IRISH
PROGRESS. citi.com/progressCREATED IN IRELAND
43
Created In Ireland: Botox manufactured by healthcare company Allergan.
The company embarked on a huge €270 million
Where’s the Botox capital of the world? LA, New expansion in 2012 at the Westport Campus that
York, Milan, Paris? The answer is of course is was built to meet the increased demand for Botox.
Westport, Co Mayo because that’s where the The cosmetic treatment has been a blockbuster
well-known cosmetic is made. for Allergan and sales are expected to reach
$3billion by 2017. Commenting on the operation,
Botox is as famous as the Hollywood stars and
Pat O’Donnell, MD of Allergan Ireland, said:
catwalk models that use it. And while it’s best
“Ireland works really well for Allergan, as we are
known as a cosmetic treatment, it’s also used to
able to attract and retain the right talent to run our
treat medical concerns such as neuromuscular
manufacturing and development activities here.
disorders and has recently been approved for use
We anticipate that demand for Botox will continue
in the treatment of overactive bladder, chronic
to grow, fuelled by recent therapeutic approvals of
migraine and lower limb spasticity.
the product in many countries around the world.”
Westport is now the only place where Botox is
Created In Ireland: Abbott Diagnostics suspected acute coronary symptoms are evaluated.
Abbott’s diagnostics facility in Longford has played
Abbott is on the cutting edge of pharmaceutical an integral role in supporting R&D colleagues in the
technology and one of its latest products United States to bring this innovative diagnostic
manufactured here Architect Stat High Sensitive test to the market by working on the development
Troponin-Ix(hsTnl) assays is a good example. phase of this test.
The diagnostic test can measure very low levels of Abbott Longford also manufactures hs Tnlassays
the cardiac troponin protein,which allows doctors for worldwide use.“Abbott Longford was chosen to
to evaluate whether or not patients are having a manufacture this innovative product because of our
heart attack within two to four hours. This faster strong record of compliance,emphasis on quality,
evaluation could allow doctors to reduce the time ability to bring products to market efficiently,” said
to diagnosis and treatment by several hours when Stefan Molitor, site director, Abbott Diagnostics
compared to standard troponin tests. Longford.“I am very proud of the team here in
Longford who have played, and will continue
According to Irish cardiologists such as Dr Niall to play, a significant role in the success of this
Mahon of the Mater Hospital the use of this test diagnostic test around the world.
could speed up the process where patients with44
Give your team
something to
smile about
TeamCare by DeCare
Combining great value corporate dental insurance with an integrated oral
health wellness service. Invest in a benefit your team will really thank you for.
ou Right for y
Right for y our team As Ireland’s only specialist dental insurer, DeCare is
dedicated to ensuring complete customer satisfaction.
le 3 100% im
3 Affordab t m ediate cove
sive benefi r for denta Our customer service team in Claremorris has been
comprehen exams, clea
nings and l supporting Irish members since 2004 and ensures a
x-rays
3 Highly
appreciated 3 3 plans
to choose
from with fast and friendly claims process.
by staff great cove
r for filling
loyee- s,
y and emp extraction
3 Compan avai la ble and more
s, root can
als, crowns DeCare is a subsidiary of DeCare Dental LLC, a global
s
paid option benefits management group with over 40 years of
oral hea lt h 3 Tangib
le, regular-
3 On-site use benefi
t
proven success and more than 9 million customers
ic s 3 Fast & ea
cl in sy claiming worldwide and is owned by WellPoint, one of the
largest health benefit companies in the United States.
DeCare Dental Insurance Ireland Limited trading as DeCare Dental is regulated by the Central Bank of Ireland
Get in touch
T: 1890 130 017 E: query@decaredental.ie W: www.decaredental.ieIRISH - US RELATIONSHIP 2015
Joseph Quinlan
45
US FDI stock in Ireland
The BRIC nations are relatively large economies,
Today, Ireland remains a critical destination of US supported by large populations and expanding
foreign direct investment (FDI), with US direct workforces. Indeed, Ireland’s labour force is a
investment stock in Ireland totaling a record fraction of India’s and China’s. However, Ireland’s
$240 billion at the end of 2013. US investment English-speaking labour force is better educated
stakes in Ireland are, by latest figures, almost and more productive, and the economy is linked
$50 billion greater than in Germany and France to one of the largest and wealthiest economic
combined ($196 billion). entities in the world: the European Union. Hence
US investment stock in Ireland surged 15.6% in the overriding attractiveness of Ireland versus
2013, well above the global growth rate of 6.2%. the BRICs.
Ireland accounted for just over 10% of total US
foreign direct investment in the European Union The ease of doing business in Ireland also
in 2013. sets the nation apart from the BRIC nations.
Stock of Investment? Since 2000, the stock of US foreign investment According to the latest World Bank’s “Ease
This is a very important measure of in Ireland has soared by more than six-fold, or of Doing Business Rankings,” Ireland ranked
Foreign Direct Investment it counts the from $36 billion in 2000 to $240 billion in 2013. 13th overall, well ahead of China (90th), Brazil
total amount of investment built up over US investment stakes in Ireland are easily in (120th), India (142nd) and Russia (62nd).
time. It reflects the prices at the times excess of total US investment in South America
investments were made and are rarely ($169 billion), Africa ($60 billion), and the Middle We estimate that employment levels remained
adjusted for inflation. At the end of 2013 East ($45 billion). flat in 2013 and edged higher in 2014.
the total amount of investment built
up by US companies in Ireland was an Cumulative US Outflows to
impressive $240 Billion. Ireland vs. the BRICs The Irish-US Economic Relationship
2015
For the past quarter century, US foreign direct
investment inflows to Ireland have towered over
comparable flows to Brazil, Russia, India and
China, or the BRIC nations.
Flows of investment by US companies were
roughly $277 billion in Ireland since 1990; the
comparable figure for Brazil: $92 billion; for
www.amcham.ie
Russia: $10 billion; for India: $32 billion; and
China: $51 billion.
For full report, log on to amcham.ie from March 5th.What can we do
for you today? 46
In a world of continuing challenges, how do you
seek out new markets, and new opportunities?
BT can provide everything you need to achieve success. Intelligent networks on which to build and
optimise your infrastructure; communications that unify everyone; data centre services that are
available where and when you need them; and contact centres that enhance customer relationships.
Connecting you to a better future.
Call us in Dublin on 1800 924 929
Or email business@btireland.com47
According to figures from the US Bureau billion; total US assets in Ireland are in excess of
of Economic Analysis, roughly one-quarter $1.2 trillion; US foreign affiliate sales amounted
of the manufacturing workforce of US to $341 billion in 2013, by our estimates; and
affiliates in Ireland worked in “computers and the valued added of US affiliates (or aggregate
electronic products”, while “chemicals” or output) is now roughly $86 billion.
the pharmaceutical sector, was an even large
employer in 2012, employing 15,000 Irish For its size, Ireland has substantial stakes in the
workers, or roughly 31% of manufacturing United States, as the following exhibit highlights.
employment. Clearly, despite increased global In particular, the total assets of Irish firms in the
competition, advances in automation and US is now roughly $220 billion, an impressive
continued high energy prices, Ireland remains figure given the overall size of Ireland’s economy.
highly competitive for advanced manufacturing.
US investment stakes in Ireland are quite
significant: Corporate America’s investment
stock in Ireland now stands at roughly $240Mastering your Projects
M+W Ireland
M+W Ireland is a leading provider of design, engineering and construction management solutions.
With over a decade of successfully working in partnership with our US clients, we specialize in the pharmaceutical, life sciences,
high tech manufacturing, information technology and energy sectors.
For more information about M+W Ireland, please contact:
M+W Ireland
A Company of the M+W Group,
Unit J3 Maynooth Business Campus, Maynooth, Co. Kildare, Ireland
Tel: +353 (0)1 629 3856
info@mwgroup.net
www.mwgroup.netIRISH - US RELATIONSHIP
49
IRELAND - U.S. GLOBAL LINKAGES, 2013
(Billions of $)
U.S. IN IRELAND IRELAND IN U.S.
Foreign Direct Investment* 239.6 26.2
Total Assets of Affiliates** 1244 219.3
Foreign Affiliate Sales** 340.9 66.9
Value Added of Affiliates** 85.9 24.9
*Based on a historic-cost basis.
**Author estimates.
Data are for majority-owned bank and nonbank affiliates.
Source: Bureau of Economic AnalysisIreland’s No
health insurer
1
PROUD MEMBERS OF THE
AMERICAN CHAMBER 50
OF COMMERCE IRELAND
To find out how you can be with the Number 1 Health
Insurer contact our Business Development Manager,
Trevor Montgomery on +353 (1) 799 7068
or via email trevor.montgomery@vhi.ie today
Ad 127INVESTMENT HIGHLIGHTS 2014
51
Company expects that this expansion will create
approximately 200 new jobs at Alexion as part
of an investment of approximately €75 million in
Amazon this new site over the next two years.
Amazon announced the creation of over 300
new jobs in Dublin. The highly-skilled roles-
data center technicians, software engineers and
customer support staff-will be hired over the
next two years and will be based out of Amazon’s
expanded offices in Ballsbridge, Dublin. Bristol-Myers Squibb
Bristol-Myers Squibb announced plans to
As part of this announcement Amazon has construct a new state-of-the-art, large-scale
expanded its presence in the city by adding more biologics manufacturing facility in Cruiserath,
capacity to existing office space. This brings County Dublin, Ireland, that will produce multiple
Amazon’s office space to over 100,000 square therapies for the company’s growing biologics
feet with room to further grow the number of portfolio.
employees in Dublin.
Once completed, the new facility will significantly
increase Bristol-Myers Squibb’s biologics
manufacturing capacity and play a central
role in its global manufacturing network. The
projected job creation consists of 350 to 400
Alexion Pharmaceuticals manufacturing jobs.
Alexion Pharmaceuticals agreed to acquire a
vialling facility in Athlone. The company plans to
purchase, fit and improve the facility for its own
operations. This acquisition is part of a decision
taken by the firm last year to establish a global
supply chain facility in Ireland. The expansion will Calypso Technology
result in the creation of 40 jobs. Alexion Pharma Calypso Technology leading provider of capital
International Trading, a subsidiary of Alexion markets software solutions, is to establish a
Pharmaceuticals also announced their plans to Managed Services Centre in Dublin with plans to
expand its operations in Ireland following the create up to 150 skilled roles.
acquisition of a new site in West Dublin. TheSavills Dublin Savills Cork Savills Belfast +353 (0) 1 618 1300 +353 (0) 21 427 1371 +44 (0) 28 9026 7820 commercial@savills.ie cork@savills.ie belfast@savills.ie Meet our team… Together, we have more than 100 years of experience representing the property interests of US multinationals in the Irish Market Larry Brennan Niall Guerin Michael Healy Neal Morrison Roland O’Connell Head of Commercial Associate, Commercial Associate, Offices Director, Commercial Chairman, Savills Division Cork Dublin Belfast Commercial (Ireland) Ltd
INVESTMENT HIGHLIGHTS 2014
53
The new Managed Services Centre will be the basis platforms that will be used across Groupon’s 500+
of a new professional service model that Calypso local markets worldwide. Nearly 100 highly skilled
will offer for its customers globally. The entity will roles have already been created with plans to
enhance Calypso’s ability to offer comprehensive expand to 200 over the next two years.
end-to-end implementation services while
meeting customer’s budget constraints. Founded in Chicago, Groupon is one of the fastest
growing companies in history with thousands of
employees across the globe.
Ethicon Biosurgery
Ethicon Biosurgery, part of the Johnson & Johnson
family, announced a €80 million investment in a
new state-of-the-art manufacturing facility in HedgeServ
Ireland. The 60,000 square foot facility, based in HedgeServ, a global hedge fund administrator,
Limerick, will lead to the creation of 270 jobs and announced the opening of its second Irish
150 temporary construction jobs. Recruitment operation in Cork. The firm already employs over
is already underway for the positions which are 380 employees in its Dublin base and is expanding
expected to be filled over the next five years. due to growth. The company has recently recruited
over 50 positions in Cork and intends to hire over
200 people in the next few years.
Groupon
Groupon, a global leader in local commerce, Hewlett-Packard
announced the official opening of its International HP announced that it will grow jobs through an
Engineering and Marketing Centre in Dublin. The investment in OpenStack cloud services at its
office will serve as a Research and Development new state-of-the-art facility in Ballybrit, Galway,
hub, responsible for the development of technology which is currently under construction.DUBLIN | BELFAST | LONDON | NEW YORK | SILICON VALLEY We bring a wealth of experience to support our clients in developing unique solutions. Excellence means securing your success with arthur cox you can expect sound judgment and advice. You can expect a total commitment to your business – a genuine partnership that gives you the confidence to move forward and embrace new opportunities. With Arthur Cox you can always expect excellence. To find out more, contact: Brian O’Gorman, Managing Partner, on: +353 1 618 0000 or Conor Hurley, New York Resident Partner, Chair of U.S. Group, on: +1 212 782 3299 Expect Excellence. www.arthurcox.com
INVESTMENT HIGHLIGHTS 2014
55
The investment is part of the company’s plans The services support centre is designed to be
to expand the global reach of the HP Helion open and flexible in its delivery and will deploy
portfolio of cloud products and services. The key IBM products and services such as cloud
move will add approximately 100 high-tech jobs computing that provides rich capabilities for
to their cloud R&D team. enterprises considering a shared services model.
With cloud computing shared services can
achieve business improvements in a short time,
including increased sales, a better customer
experience and optimised business performance
by sharing client information, analytics and
reporting in the cloud.
Hollister
Hollister Incorporated, a specialty medical
products company, is to invest €80 million in
their facilities in Ballina, Co. Mayo. In the past 7
years, significant investments have been made
in the Ballina plant, both in infrastructure and
equipment. The Ballina operation coordinates INTEL
the inventory, distribution and sales invoicing for Intel announced details of the scale of its
Hollister throughout Europe and the EMEA region. investment at its Leixlip facility in Co Kildare,
including a spend of $5bn investment on
an ongoing construction upgrade, which is
employing 5,000 jobs additional workers.
At this Leixlip site, the Irish management and
IBM employees have continued to grow their role
IBM announced a new multilingual operations in Intel’s worldwide business for over 25 years
centre for their global software services at IBM – winning new projects for Ireland and, in the
Technology Campus, Dublin. The announcement process, developing some of the most advanced
will create up to 40 new jobs. The new centre will manufacturing facilities anywhere in the world.
drive innovation and the adaption of big data,
cloud and collaboration to deliver high value
operational support, using software as a service.You can also read
