Ireland is the fastest growing economy in the European Union, growing at a rate three times faster than its European partners. With a GDP growth of 7.3% in 2017, Ireland is one of the most open, Foreign Direct Investment (FDI) driven economies in the world.
- 3% GDP growth year over year (European Commission)
- $75, 827 GDP per capita in 2017 (OECD)
- $147.2 million Florida origin exports to Ireland
Ireland’s strategic geographical location also positions the country as a gateway to Europe with access to a wider market of 740 million people. Upon the United Kingdom’s departure from the EU, Ireland will be the only country that is a member of the EU, Eurozone and English speaking.
The Irish government is positioning itself to increase its international competitiveness by establishing Ireland as a center for high value research and development. Opportunities for innovative Florida companies to enter into collaborative agreements with Irish firms in biotechnology, financial services, ICT, medical devices/pharmaceuticals are available.
Ireland also offers diverse opportunities for the Florida business community in goods and services across a wide range of sectors:
- Aviation/Aerospace
- Information and Communication Technology (ICT)
- Pharmaceuticals/Medical Device (Medtech)
- Cyber Security
- Higher Education
Irish Investment to the U.S. & Florida
Irish investment to the U.S. continues to grow. In 2015, Irish investment into the U.S. was valued at $13.5 billion, making Ireland the 6th largest source of FDI into the US. As of 2016, there are over 400 Irish companies employing over 100,000 people in the US. However, Ireland has made it a priority to diversify their links away from the Northeastern United States and into Florida, recognizing Florida as a significant market and the commercial gateway to Latin America. Irish Ambassador to the U.S. Dan Mulhall, in a recent op-ed in the Miami Herald discussed Ireland’s plans to grow deeper economic ties with Florida, “we recognize Florida’s growing economic potential”.
In Florida, Irish firms employ more than 5,000 Floridians across several industry sectors. Irish firms in Florida include:
- Oldcastle- Construction
- Greencore-Food & Beverage
- Kerry Group-Food & Beverage
- StarBlue- Telecom
- Icon Clinical-Clinical Research
- Smurfit Kappa-Packaging Manufacturer
- Kingspan-Energy efficient & Sustainable Insulation
- Total Produce- Food & Beverage
- Glanbia USA-Nutrition
- Accenture-Professional Services
- Modular Automation- Automation for advanced manufacturers
For more information, please contact Dan Tapia at 850-521-1206 or at dtapia@flchamber.com
Resources:
- https://www.enterprise-ireland.com/en/Publications/The-Market/
- https://www.export.gov/article?id=Ireland-Market-Overview
- https://data.oecd.org/ireland.htm
- https://www.miamiherald.com/opinion/op-ed/article179416326.html
- http://edition.pagesuite.com/html5/reader/production/default.aspx?pubname=&pubid=e0c3e59c-7557-410d-9578-001a7e454c09