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McKinsey's Irish warning on fees

Ireland is over reliant on royalty fees booked by multinational companies that pass through the country without always creating much in the way of local jobs or productive investment, leading management consultancy McKinsey has warned.

But the country "has long punched above its weight" in attracting foreign direct investment, it said.

However, while three-quarters of investment comes from the US and UK, not enough is coming from emerging markets, the report said.

Our low corporate tax rate faces challenges from other markets and there is a need to deepen Ireland's industrial appeal, it added

In contrast, the European Commission said Ireland is among Europe's most industrially competitive economies