view to plotting the way forward for the national
economy, was also an event attended by Dr. Brady.
“I thought Farmleigh was an excellent event. It
harnessed the best thinking, not only from the
leaders of business and academia here in Ireland,
but also those Irish people that have become highly
successful in other countries as well. I understand
that this is a project that the Department of Foreign
Affairs is seeking to expand upon, so I think that
there is further potential for the development of
innovation in Ireland as a result of this forum”.
According to IDA Ireland, there are currently
two sides to the story of the Irish economy, one
that is over-projected – the debt-fuelled property
bubble and consequent banking crisis, and one
that is under-projected - the fact that flows of FDI
(Foreign Direct Investment) have actually gone up
since 2008, and Irish exports have actually remained
higher than the average of the OECD (Organisation
for Economic Cooperation and Development).
This is a point that Dr. Brady seizes on and expands
upon,
“I am actually very optimistic with regard to the
Irish economy. Even in recession, Irish exports
held up remarkably well in comparison to the rest
of the world. While international exports suffered
a 10% drop, Ireland’s exports only suffered a drop
of 4%. In terms of our strengths, we are still very
solid in pharma, ICT and medical devices – that
hasn’t changed. Last year, 50% of FDI was hi-tech
manufacture and research & development based.
The ecosystem that exists within Ireland for
start-ups is very conducive to the development of
successful innovation-led enterprises”.
So, as President of University College Dublin, what
is Dr. Brady’s message to those companies that are
currently considering Ireland as a base for their
European headquarters?
“From the point of view of companies that are
considering locating in Ireland, I think that it
is very important to recognise that, despite the
changes that have taken place in the national
economy over the last two years, the conditions that
led to the world’s top ICT and pharma companies
establishing their bases here in Ireland still exist.
We still have an extremely low corporation tax
rate of 12.5%. We still have a highly educated
and very adaptive workforce, and we still provide
an excellent entry-point from which to access the
e ntire European market. This is a country that is
highly networked internationally and has seen the
growth of an extremely vibrant research culture.
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Another point to take into account is the increase
of our competitiveness of late. Costs have come
down across the board, while the hi-tech side of
our economy has held up and remained intact
throughout the recession”.
Of course, as an academic centre of excellence
that is striving to increase its already considerable
innovation credentials, UCD is open to
collaborations with hi-tech foreign companies that
are establishing a presence in the country and are
looking for an academic innovation hub.
“Partnership with business is an area that we have
a proven track record in, and one that we will
continue to expand in. We are very much open to
collaborating with industry in this regard”.