Investing in Ireland - PwC · Data Hosting Sector in Ireland 2018 proved a highly successful and...
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Please do not hesitate to contact myself, any member of our team, or your usual PwC Ireland contact at any stage. We would be happy to tell you more about the topics raised in this issue or to include any interested parties on our mailing list. Remember to visit our FDI website for more updates and detailed information (http://www.pwc.ie/fdi), including a range of recent publications. Welcome to the June 2019 edition of PwC’s newsletter on foreign direct investment (“FDI”) in Ireland. Ireland continues to see strong inward investment from overseas with significant jobs and investment announcements over the last few months (see page 2). Strong economic growth also continues with exports rising by 15% to €140 billion last year (see page 7). This issue explores why Ireland is a prime location for companies in the data hosting sector (see page 4). It also looks at how Ireland has become a global leader in cyber security (see page 5), as well as upcoming news and events in FDI (see page 6). Liam Diamond +353 1 792 6579 +353 86 405 6965 [email protected] www.pwc.ie/fdi Investing in Ireland Issue 39, June 2019 1
Transcript of Investing in Ireland - PwC · Data Hosting Sector in Ireland 2018 proved a highly successful and...
Please do not hesitate to contact myself, any member of our team, or your usual PwC Ireland contact at any stage. We would be happy to tell you more about the topics raised in this issue or to include any interested parties on our mailing list.
Remember to visit our FDI website for more updates and detailed information (http://www.pwc.ie/fdi), including a range of recent publications.
Welcome to the June 2019 edition of PwC’s newsletter on foreign direct investment (“FDI”) in Ireland.
Ireland continues to see strong inward investment from overseas with significant jobs and investment announcements over the last few months (see page 2). Strong economic growth also continues with exports rising by 15% to €140 billion last year (see page 7).
This issue explores why Ireland is a prime location for companies in the data hosting sector (see page 4). It also looks at how Ireland has become a global leader in cyber security (see page 5), as well as upcoming news and events in FDI (see page 6).
Liam Diamond
+353 1 792 6579+353 86 405 [email protected]
www.pwc.ie/fdi
Investing in Ireland Issue 39, June 2019
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Recent FDI investment announcements
AFEX, one of the world’s largest non-bank providers of global payment and risk management solutions, announced the creation of 10 new jobs, based in Dublin
Allergan, a global life-science innovation leader, announced a €65 million capital investment programme for 2019 to facilitate the continued expansion of the company’s state-of-the art laboratories and manufacturing campuses at Westport in County Mayo and Clonshaugh in north Dublin, creating 63 new jobs
Dassault Systèmes, a European software company, opened their new office in Cork, doubling its office space in an ongoing commitment to innovation and growth in the region
EcoOnline, a leading supplier of Health, Safety, Environment and Quality software, announced the official opening of a new 7,000 square foot office in Limerick, doubling its office space leading to growth in the Irish market
EML Payments Limited, a global provider of prepaid payment services, announced it is expanding its operation in Galway with the establishment of a Technology & Innovation Hub in Galway, creating 20 new jobs
Forcepoint, a global cybersecurity leader, moved to its permanent office for its Center of Excellence in Cork, the investment continues to focus on new product development in the cloud and cybersecurity technology
FundRock, a leading independent third party UCITS Management Company, announced the opening of its new office in Limerick, the firm’s second office in Ireland, creating 45 new jobs over 18 months
GrandPad, the first tablet-based solution designed exclusively for older people is now available in Ireland, with the high-tech, high-touch company celebrating its European launch with the opening of its headquarters in Gorey Co.Wexford
Greenfield, a leading producer of alcohol and fuel ethanol, announced plans to establish a new EU manufacturing headquarters in Portlaoise, creating 75 new jobs over the next 5 years
Indeed, a leading job site, announced the creation of 600 new roles at its Dublin-based headquarters for Europe, the Middle East and Africa (EMEA)
Johnson & Johnson Vision, a leading manufacturer of contact lenses, announced plans of a €100m expansion of its manufacturing operations at its site in the National Technology Park Limerick, creating 100 new jobs
JRI America, a provider of software development and quality assurance, announced plans to further expand its Technology Centre in Tralee Co.Kerry, creating 100 new jobs over five years
Legend Biotech, a global biopharmaceutical company, announced the official opening of the company’s European headquarters in Sandyford, Dublin
LogMeIn, a leading provider of cloud-based connectivity, has officially opened its new international headquarters in Grand Canal Dock, Dublin
Markforged, a leading manufacturer of industrial 3D printers, announced the opening of its first official European headquarters in Dublin as part of the company’s planned global expansion for 2019, creating 100 new jobs over the next 3 years
Oxford Global Resources, a global recruiting and consulting company, announced plans to create 25 new jobs in 2019
Rent the Runway, a provider of online clothing rental services, announced plans to establish its first-ever international technology office in Galway, creating 150 jobs
ServiceNow, a global digital workflow platform provider, is increasing its investment in Ireland, creating new jobs in legal, engineering, internationalisation and marketing
The Knot Worldwide, a global wedding planning company, announced plans to establish an Operations Centre in Galway, creating 100 jobs
TradeIX, the award-winning technology platform provider driving innovation in trade finance, is expanding its Global Headquarters in Dublin, creating 70 new jobs
Valeo, a global market leader and supplier of choice for sensors, announced plans to invest €44M in a major RD&I investment programme, creating 50 new R&D roles over the next three years
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“Establishing our European HQ in Dublin, Ireland, is a logical decision for Legend Biotech given its access to experienced talent, accessibility and international recognition for supporting the pharmaceutical/biotechnology industry. We look forward to growing our R&D and commercial presence in Ireland in the future” Dr Yuan Xu, CEO, Legend Biotech
“Launching our Dublin operations is a huge milestone for Markforged as we look to strengthen our business overseas. Our experience working with IDA Ireland has been nothing but exceptional – we’re thrilled to be joining such a thriving tech community with such support.”Darcey Harrison, Global VP Sales, Services and Partnerships, Markforged
“We believe that the new manufacturing roles being introduced in Limerick in 2019 will be foundational in helping us bring new, innovative contact lens products to our patients and customers around the world at an industry-leading pace.”John Lynch, Plant Leader, Johnson & Johnson Vision Care (Ireland)
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Data Hosting Sector in Ireland
2018 proved a highly successful and eventful year for the data centre sector in Ireland, as the Dublin Metro Area was recognised as Europe’s leading market for data centres by Jones Lang LaSalle (JLL).
The Dublin Metro Area is accountable for 25% of the overall European data hosting market share for 2018. This represents an astounding achievement for Europe’s “Data Isle” and is a strong endorsement for Ireland’s capability to supply the expertise, skills and overall regulatory environment needed to support the growth of the hosting industry.
Growth of the data hosting sector continued in 2018, with total investment of €1 billion. Each incumbent operator completed a new facility or received planning permission for future developments, including:
• Facebook opened its facility in Clonee and announced further future investment
• Google announced plans for expansion in Dublin
• Digital Realty completed a second facility at Profile Park
• Interxion completed its fourth Dublin facility at Grange Castle
• The Office of Public Works commenced planning for a 7,000m project to house public services data
The accolade of Dublin being recognised as the largest data hosting centre in Europe builds on over 70 years of FDI in the broader tech/services sector. This positions Ireland at the centre of innovation and a leader in a high growth industry.
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Cyber Security in Ireland
Ireland has worked hard to position itself as a global cyber security leader. Ireland now holds the largest proportion of the Information and Communication sector in the EU and is home to a growing cyber security cluster comprised of global and indigenous Irish companies.
Through the substantial investment by the Government and enterprise agencies, Ireland is building on that reputation to grow its cyber security industry.
There are a number of key features which attract cyber security companies to Ireland:
Ireland has become the lead regulator for a host of large data-rich multinational companies operating across the EU. The Irish Data Commissioner plays a very significant role in safeguarding the data protection rights of millions of individuals across the EU under the General Data Protection Regulation (GDPR).
The cyber security industry in Ireland is growing rapidly with the success of cyber security dependent on the support of third-level education, the Government and a driven industry.
Recognising this opportunity, IDA Ireland and Cork Institute of Technology (CIT) have joined forces on an initiative to establish Cyber Ireland, a national cybersecurity cluster.
Cyber Ireland will provide a cooperative voice to represent the needs of the cybersecurity sector across the country and will address significant challenges including the necessary skills, research, and the development of a national community that connects industry, academia and government.
If you would like more information, please visit our dedicated cybersecurity page.
Top 5 worldwide security software
Active member of the Digital 9 (D9) group of digital frontrunner countries
Currently ranking 6th in Europe on the EU Digital Economy and Society Index (DESI)
In the top 10 most innovative countries in the world
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FDI news & events American Chamber Annual Dinner
The American Chamber held their annual dinner on 17 May 2019 at the Clayton Hotel, Burlington Road. The Annual Dinner is the American Chamber’s premier night where they celebrate the strength of US - related business relationships. On the night IDA Ireland received a prestigious Special Recognition Award, in honour of the major contribution made by the organisation, in transforming Ireland into an inclusive home of talent and innovation with global impact.
Tech Connect Live
Tech Connect Live took place on 30 May 2019 in RDS, Dublin. TechConnect Live is Ireland’s largest annual business and technology exhibition for Micro, SME and Enterprise level companies. The event, which is supported by Ibec and the Small Firms Association (SFA) creates a marketplace for a wide range of SMEs experiencing rapid growth. It’s estimated that SME’s account for 99.8 percent of all active businesses in Ireland and provides for approximately 70% of Irish people. Over 5,000 business owners, key decision-makers, entrepreneurs, owners and managers from all across Ireland gathered to network, learn and do business.
Digital Transformation Summit
The Digital Transformation Summit, which will focus on increasing companies productivity through digital
transformation. During the day it will explore how companies can save time and resources, improve customer service, improve the digital marketing strategy and increase revenue will take place on 13 June 2019 in the Royal Marine Hotel, Dublin.
FIBI International Banking Conference 2019
The Federation of International Banks in Ireland (FIBI) will host its flagship Annual International Banking Conference on Thursday 20th June 2019 in The Westin Hotel, Dublin 2. Key speakers on the day will include Andrea Enria, Chair of the Single Supervisory Mechanism (SSM); Stephanie Flanders, Senior Executive Editor for Economics at Bloomberg and Head of Bloomberg Economics; Michael D’Arcy, T.D., Minister of State at the Department of Finance with special responsibility for Financial Services, among others.
Import, Export and FDI Conference & Expo
The Import, Export and FDI Conference & Expo is an annual event focusing on Ireland’s position as a key location for global trade and investment. This event will focus on the key issues facing Ireland pre and post Brexit. The expo will take place on 5 September 2019 in Citywest Hotel & Convention Centre, Dublin.
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Leading the way
Ireland economic update
in the world for:• Attracting high value investment
projects2
• Large city for FDI (Dublin)3
• Economic potential3
• FDI and technology transfer4
1st
in Eurozone for:• Relationship of pay to productivity4
• Attracting talented people from abroad4
1st
in Europe for:• Real GDP Growth1
• Investment incentives that are attractive to foreign investors1
• Changing Market Conditions1
• Flexibility and adaptability1
• Value added of Knowledge and Technology Intensive industries1
• Secondary school enrolments1
• Science, technology, engineering, and mathematics (“STEM”) graduates5
• Overall small European region of the future (Dublin)3
• Small European region of the future for business friendliness (Cork)3
• Overall micro European city of the future (Limerick)3
• Micro European city of the future for economic potential (Shannon)3
• SMEs selling online, e-commerce turnover, cross-border SMEs online and open data5
• Innovators6
• IT & Communications (Dublin)7
• Life sciences (Dublin)7
• Paying business taxes8
1st
1 IMD World Competitiveness yearbook 2018
2 IBM Global Trends 2018
3 Global Cities of the Future 2018/19 – FDI Intelligence
4 The Global Talent Competiveness Index 2019
5 The Digital Economy and Society Index (“DESI”) Report 2018
6 European Innovation Scoreboard 2018
7 The World’s Most Competitive Cities Report
8 PwC/World Bank Group “Paying Taxes” Report 2019
229,057 people directly employed by FDI Companies
Unemployment is projected to average 5.4% this year, down from its peak of 16% in 2012
GDP is projected to increase by 3.8% this year and by 3.4% per cent in 2020
Exports jumped to their highest total on record last year, rising by 15% to €140 billion
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Should any of the topics covered in this newsletter be of particular interest to you, please do not hesitate to contact any member of the FDI team, or your usual PwC Ireland contact. If any of your colleagues would like to be included on our mailing list, please let us know.
Please click on our website www.pwc/ie/fdi for additional information. Various topics of interest for foreign investors can be found in the publications link in the tax section, including:
Brexit
CEO Survey
Budget 2019
Tax Facts 2019
Previous issue of Investing in Ireland
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Contacts
Jean Delaney +353 1 792 6280 [email protected]
Liam Diamond +353 1 792 6579 [email protected]
Brian Leonard +353 1 792 6179 [email protected]
Denis Harrington +353 1 792 8629 [email protected]
Andy O’Callaghan +353 1 792 6247 [email protected]
Mary Honohan +353 1 792 8609 [email protected]
Susan Kilty +353 1 792 6740 [email protected]
Ronan MacNioclais +353 1 792 6006 [email protected]
Joe Tynan +353 1 792 6399 [email protected]
James McNally +353 1 792 6844 [email protected]
Terry O’Driscoll +353 1 792 8617 [email protected]
John O’Leary +353 1 792 8659 [email protected]
Feargal O’Rourke +353 1 792 6480 [email protected]
Garrett Cronin +353 1 792 8807 [email protected]
www.pwc.ie/fdi
