Ireland once again among top globalised countries
IRELAND is the third most globalised nation in the world, according to the latest Ernst & Young Globalisation Index.
The country has been rated in the top three since 1995 and is expected to maintain that ranking until at least 2015. Hong Kong came first this year and Singapore was second.
The Globalisation Index tracks the performance of the world's 60 biggest economies according to five broad categories – openness to trade, money movements, exchange of technology and ideas, labour movements and cultural integration.
In these individual categories Ireland is ranked as the second-most globalised nation for culture and joint third with Singapore in the global movement of finance and capital. However, we came only 22nd in technology, despite the growth of internet subscriptions to 77.2pc of the population from 73.7pc last year.
Ernst & Young managing partner Mike McKerr said: "These rankings demonstrate how well positioned Ireland is to build on this brand and grow its fledgling trade links with fast-growing emerging economies such as China and India."
He said IDA Ireland has indicated that 20pc of all greenfield investment will come from these regions by 2014. The UK, the Netherlands and Switzerland are major competitors.
Ernst & Young also highlighted that Ireland's exports are heavily dependent on the export of medical and pharmaceutical products.
Since this sector is dominated by foreign-owned multi-nationals and several patents on major drugs made here are due to expire, this potentially threatens Ireland's export market.