Dublin primed to become one of Europe's top cities
Published 25/02/2016 | 02:30
Dublin is now in a position to become one of Europe's top cities, according to the latest fDi European 'City of the Future' rankings.
The capital rose two places in the list to third with the 'Financial Times' magazine applauding it for its heavy emphasis on software and IT investment. According to the rankings, the software and IT sector accounted for 45pc of all the city's foreign direct investment between the years of 2010 and 2014. London topped the poll with Paris second.
Dublin was also ranked among the top three European cities for economic potential and for business friendliness. It also ranked fourth for FDI strategy.
The head of enterprise at the Local Enterprise Office in Dublin City, Greg Swift, said the business culture that has been created in the city is very positive.
"Dublin, the driver of Ireland, Europe's fastest-growing economy, is an ideal location from which to access the European Union's 500 million customers. "In addition to being the only English- speaking country in the Eurozone, the business climate that has been created is very favourable and this is evidenced by Dublin being the second best Major European City for Business Friendliness in these rankings," Mr Swift said.
"The strong infrastructure for FDI, which exists in the city and region enhances the ease with which companies can establish themselves in Dublin," Mr Swift said.
According to Dublin City Council, Ireland's attractive tax system and its government agencies help make it an attractive location for FDI.
Dublin is currently home to half of the world's top banks, 250 global financial institutions, 10 of the world's top 20 insurance companies, nine of the world's top 10 pharmaceutical companies, and 17 of the world's top medtech companies.
Dublin also plays host to nine of the 10 most important tech companies in the world. Outside of national incentives, a number of activities being encouraged by Dublin City Council and the Local Enterprise Office are helping the city up the rankings.
Among the ongoing activity is a six-year plan, the 'Dublin City Local Economic and Community Plan', which is due to be delivered by stakeholders with a remit in the city.
Outside of this the Dublin Economic Monitor provides quarterly updates on the economic growth of the city and allows for active measurement of the city's economic health.
The council is looking to build on the encouraging rise up the table with the launch of Dublin.ie.
It hopes that the new website it says will help attract talent and investment to the county. The council says the site will provide all information on living, working and investing in Dublin and is due to be launched soon.