Full Brexit impact can’t be predicted

IDA chief Martin Shanahan has cautioned that it could be some time before the full impact of Brexit on Ireland – whether positive or negative – will be known or felt.

The IDA CEO, who is from Abbeydorney, said that the impact of the UK’s decision to leave the EU could present opportunities for Ireland although he warned the full effects of the move will not be known for some time.

“Ireland’s stability, the certainty on EU membership and therefore access to the European market, coupled with the strong value proposition that Ireland already offers would be important in the period ahead,” said Mr Shanahan.

“This value proposition also includes access to talent (both Irish and European), a competitive, transparent and consistent taxation regime and the ease of doing business,” he said.

“Similarities between Ireland and the UK and attributes such as being English speaking, a common law system and geographic proximity means that Ireland will be the first choice for many companies that require a base within the European Union,” Mr Shanahan said.

The IDA CEO made the remarks as the agency issued its mid year report last week.

The reports claims that investments made by IDA supported firms in the first six months of the year will create up to 9,000 new jobs in the coming years.

According to the IDA strongly performing economic sectors in the first six months of the year included technology and services.

Ireland secured 115 new FDI projects in the six months of 2016, that represents a modest increase on the 110 projects won in the same period last year.