PETER SUTHERLAND

AS Ireland Inc points out at the start of an entertaining and insightful interview, Peter Sutherland may well have the greatest CV on the planet: attorney general, European Commissioner, director general of the General Agreement on Tariffs and Trade, director general of the World Trade Organisation (WTO), chairmanships of BP and Goldman Sachs.

With such vast experience it is therefore always worth listening when Sutherland delivers a warning. And although he says the Irish economy is in a good position, he believes that “we must be careful not to get carried away, because there are dangers still out there”.

Nevertheless, although Brexit will be bad for both Britain and the EU “it will not be a fatal blow to the Irish economy”, said Sutherland. Indeed, he predicts in the Ireland Inc interview that it could actually stimulate further foreign direct investment into the country.

He was part of a triumvirate of EU Commissioners who were responsible for the 1992 reforms, which included free movement of goods, persons, capital and services. “I had learned through my experience in government that this was nationally extremely important. We didn’t have enough of indigenous industry to present a future for our young people,” he said.

Sutherland also points to Ireland’s heavy debt burden as an issue that needs careful monitoring. “This is going to mean a continued need to be very cautious and prudent,” he said.

Yet he points out that in terms of the outlook for foreign direct investment, the future for Ireland is bright because of a number of advantages: an English-speaking country, being in the EU unlike the United Kingdom after Brexit, access to a vast market, and a demographic profile that is positive in terms of youth and education.

“Ireland should have a positive view of its own future,” said Sutherland. In relation to underpinning Ireland’s position as an open trading economy, he has a simple message: “Competitiveness will determine investment. We’re in an open market, and we absolutely need an open market in Europe to provide employment, so it is in our own hands to remain competitive.”

Sutherland recalls with pride his appointment as the first director general of the WTO: “It defined everything for me.”