IT, pharma firms look up to Ireland as European hub
Mar 18 2014
Due to the cultural affinity towards England, India has been overlooking the importance of Ireland. Emerging out of the debt crisis, Ireland is increasingly inviting investments from overseas. “Ireland has come out well from the gloom. Things are looking up and firms are also becoming optimistic about making investments there.
“The government is also pro-active towards bringing in investments and helping the firms. So we think this is the right time to set up operations in Ireland,” said Alok Bajpai, CFO and India head Aditi Technologies.
According to John Kilmartin, director, IDA Ireland India, the country has been witnessing record levels of investment by overseas firms in the last two years. Among the 1,000-odd overseas companies operating in Ireland, more than 400 companies would be technology firms. All the major technology companies have their European hub in Ireland. Similarly, nine out of 10 top global pharma firms and 17 out of 25 medical devices firms are there.
IDA Ireland is in active talks with more than 100 firms that are interested in setting up operations there.
The only English-speaking nation in Euro zone has the advantage free trade and free movement of labour from other nations of Europe. “At 12.5 per cent corporate tax is one of the lowest, the cost of acquiring HR from across Europe is also lower. There is a good talent pool available. Being good at social media, analytics and cloud technologies, we also found business potential in the region,” said Bajpai.
According to Antra Bhargav, Global VP – finance, legal & administration, Synowledge, Ireland solved the problems related to time zone. “Synowledge provides drug safety, regulatory affairs services and clinical data management to pharma companies and for us Ireland gives right networking accessibility with our clients in US and Europe. We are looking forward to significant expansion in that country with a 60 per cent year-on-year growth.”