Ireland has a long tradition in the creative
industries. New digital technologies now allow
us to tap into this potential and revolutionise the
creation, storage, dissemination and trading of
creative content. This will provide growth and
jobs across a diverse range of activities from games,
animation and film to publications and media. The
lessons that Ireland is learning from the presence
here of companies like Google, Facebook, Havok
and Big Fish Games are helping us to exploit
further areas of untapped potential.
3. Mature Sectors
Ireland’s mature sectors such as tourism, retail,
transport and construction employ approximately
600,000 people. We are bringing a renewed focus
to these sectors; re-skilling, adopting technology,
dramatically reducing costs and improving
quality so that we are internationally competitive.
Measures announced in the Irish Government’s
2011 Budget will help facilitate this. Irish
companies like Ryanair and next generation web
based car hire company Car Trawler show how
innovative business models can revitalise and disrupt
mature sectors. The current difficult economic
environment can be an opportunity for innovation
in the tourism sector, improving accessibility, cost
and quality. Construction jobs, the area where
Ireland has seen the greatest loss over the past three
years, are unlikely to return to previous levels.
However the sector still employs over 125,000
people in Ireland today and construction firms and
related professional service firms are now winning
business abroad by marketing their services in the
UK, Europe and the Middle East.
4. Locally Traded Activities
The opportunity to export presents itself for all
sectors of the Irish economy but many firms will
continue to focus exclusively on the domestic market
and to trade locally. These firms are an essential
part of Ireland’s economic fabric – contributing to
its attractiveness as a location in which people desire
to live and work, international firms want to invest
and in which new firms can be established and
grow. Locally available, competitive and efficiently
produced goods and services can stimulate increased
expenditure in Ireland by exporting firms, which in
turn contributes to greater employment.
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Ireland’s success requires a focus on four
complementary critical success factors - the pursuit
of productivity gains, embracing innovation, the
relentless pursuit of cost competitiveness and
developing the right mix of sectors and markets.
As the actions and difficult choices taken by the
Irish Government in the four year national recovery
plan are implemented, these will deliver the best
environment in which companies can establish
and thrive and compete internationally. Firms
managing their costs and enhancing productivity
will see their efforts served well. Businesses now
investing wisely in innovation and innovative
practices will be well prepared to take advantage
of the opportunities as they arise. As all of these
efforts come to fruition, Ireland’s offering as an
investment destination will continue to grow in
attractiveness.