Creating resilience in Irish multinational companies for economic growth

Breda O’Toole

Head of Talent Transformation & Innovation, IDA Ireland

Multinational companies* (MNCs) in Ireland account for €30.7 billion spent in the Irish economy and account for an estimated 70% of all corporation tax paid to the Exchequer.

There are almost 1,800 IDA client MNC operations in Ireland today, and almost half of them have been in Ireland for 10 years such as Google, Amazon, Facebook and eBay; and one-third for 20 years or more such as Pfizer, Intel and Medtronic. These companies have longevity, resilience and commitment to Ireland and persistently look for ways to grow their Irish sites and continue to transform their business model and overall activity in Ireland.

For the last 70 years, we, at IDA Ireland, have partnered with existing multinational subsidiaries in Ireland to support their efforts to continuously transform their activities and grow their presence. This focus is a key element of our strategy to build a resilient MNC base in Ireland to impact positively on the overall economy.

They talk to new investors about their own successful journey in Ireland, contribute to networks and open their doors for site visits.

How does the State support multinational companies

IDA’s strategy specifically focuses on transformation as a key pillar by partnering with client companies for future growth and supporting them to increase their productivity, resilience and innovation capacity.

We partner with clients, providing a range of services that help them to access the mature and extensive Irish ecosystem for skills development, innovation, sustainability and research. Most recently, we launched a set of online self-assessment diagnostics for client companies to help them discover their current and target level of innovation and digitalisation (Innovation Scorecard/Advanced Manufacturing Diagnostic/Digitalisation Diagnostic for Services).

The diagnostics will help companies identify their current and targeted state in these areas and help them to remain leaders among their peers and retain their focus on continuous improvement and transformation. Addressing MNC needs is enabled by digital, disruptive and sustainable technologies accessed through excellent Irish solution providers in this space.

How multinational companies contribute to Irish society

One of the most unique things about the MNC community in Ireland is the way they contribute to Irish society beyond their financial and job creation contribution. They talk to new investors about their own successful journey in Ireland, contribute to networks and open their doors for site visits by other companies for learning opportunities. They are often thought leaders for Ireland in a range of areas like productivity and innovation — and this is just the tip of the iceberg.