Product details

In the late 1990s, Ireland emerged as one of the most favoured manufacturing destinations for knowledge-based companies from Europe, and US software and hardware companies like Microsoft, Intel, IBM, and Apple, as well as pharmaceutical giants such as Pfizer, Bristol-Myers Squibb and GlaxoSmithKline, had multiple manufacturing facilities in Ireland. Also, financial services and medical technology companies had set up operations there. By 2003, many knowledge-based foreign companies, lured by the Irish government''s initiatives and its favourable business environment, invested billions to establish multiple operations in Ireland. The rivalry between the companies resulted in intense competition for hiring and retaining, otherwise scarce, quality employees. Also, due to the slump in the country''s economy, rising inflation and insufficient infrastructure, Ireland was beginning to lose its competitive advantage in attracting foreign direct investment. At the same time, many countries in Asia (mainly China and India) and Eastern Europe started emerging as potential, low cost manufacturing destinations, which were expected to absorb all future investments by the multinational companies. So, Ireland has to shift gear toward higher, value-added production.