IRELAND - Ireland: Growth in the face of adversity - PRISMA REPORTS
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Ireland:
Growth in the face of adversity
Industry leaders showcase Ireland’s dramatic economic and social growth
throughout the COVID-19 pandemic caused by the country’s solid fiscal framework,
open economy and focus on sustainable development of its key sectors
IRELAND
Publication distributed
with FOREIGN POLICY
- Fall 2021
PRISMA REPORTS
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Ireland punches Ireland’s past prepares
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above its weight class it for the future
Despite challenges caused by the pandemic and Brexit, Industry leaders point to key factors in Ireland’s
Ireland’s economy has shown itself to be more durable than economy that hint at a fast recovery and continued
its regional partners positive transformation as the country rebalances
its fiscal and industrial losses due to the pandemic
The economic effects of the before the pandemic. In a coun-
COVID-19 pandemic have been try of 5 million people, that is a Ireland’s business community measures and renewable energy; that the quality of life and fis-
felt all over the globe. Early pre- lot,” Varadkar says. The minister has upheld the country’s robust up to $5,890 to measure carbon cal setup in Ireland is enough
dictions set the expected fall in predicts the country will return economy by being fiercely out- footprints and identify reduc- to attract foreign companies to
global gross domestic product to normal employment levels in wardly facing. The small nation tion strategies; and up to 50% its shores. “While corporation
(GDP) at 2.9% in 2020 but 2023. now teams with large multina- of costs to initiate multi-annual tax is an important factor, it is
was restated as a drop of 4.5% “As the economy reopens, we tionals and innovative start-ups climate change plans. Industry no longer the only factor,” Red-
that year, amounting to a loss will see a big increase in con- Dublin is home to a wide range of multinational offices and start-ups
in Ireland’s vibrant life sciences, accounts for 13% of national mond asserts.
of $3.94 trillion. Ireland, how- sumer spending and consumer pharmaceuticals, agri-foods and carbon emissions. Ireland re- Although foreign direct in-
ever, has completely bucked the demand,” Varadkar asserts. He tech sectors. Central to Ireland’s cently reset its emission targets vestment has traditionally come
trend, despite both the pandem- expressed that the rise in expen- industry is the nation’s strong in 2021 with the aim to be car- from abroad into Ireland, the
ic and Brexit upsetting its trade ditures may be temporary, and ties with the U.S. market, with bon neutral by 2050. country’s investments into the
balance. The island nation saw the government does not intend foreign direct investment com- U.S. market have skyrocket-
its GDP swell by 3.4% in 2020, to remove economic supports for ing in from the North American U.S. bolsters Irish economy ed. In 2020, business ventures
the only nation in the EU to see businesses until things are more nation worth $235 billion. Ireland’s relationship to the from Ireland into the U.S. were
positive movement. balanced. Enterprise Ireland, the body American market is significant. worth $235 billion. “While Irish Leo Clancy
responsible for promoting Irish Trade between the countries businesses invest in the United CEO, Enterprise Ireland
As the economy reopens, we will see a big increase companies in the global market, continues to skyrocket, with States for the scale of that mar-
in consumer spending and consumer demand.” recorded a steady rise in export Ireland now sitting as the U.S.’
sales in 2020 that reached $30 ninth-largest trading partner
Leo Varadkar, Tánaiste and Minister for Enterprise, billion, a 0.3% increase on the — an extreme feat considering
Trade and Employment previous year despite worldwide Ireland is about the size of the
trade figures plummeting. state of Indiana. Over the last
Leo Varadkar, Tánaiste and Enterprise Ireland is a state- Leo Varadkar Simon Harris The U.K. remained Ireland’s decade, Ireland has become
Minister for Enterprise, Trade run organization that represents Leo Varadkar, Tánaiste and Minister for Minister for Further Education largest export destination in a hub for U.S. multinationals
Enterprise, Trade and Employment and Higher Education
and Employment, has been at the Irish business community. 2020, encompassing 29% of all looking to explore the European
the center of keeping the Irish In 2020, the group almost tri- nations scrambled to reorganize Research, Innovation and Sci- outgoing trade. However, the market due to lower corporate
economy on track. He applauds pled its spending in response to relations with their northern ence, agrees with Varadkar, but number has been shrinking taxes, an educated workforce
the country’s ability to weather the pandemic to more than $1.2 neighbor. “Brexit isn’t good for is still optimistic. “Our relation- steadily, falling by 40% since and continuous investments
the pandemic but points out that trillion. “Helping our clients get Ireland. The U.K. is our biggest ship with Britain will remain 2010. One of the main reasons into research and development.
more must be done to strength- physically back in the market is neighbor and one of our most close. I am encouraged that they
en the domestic economy that very important in terms of win- important trading partners,” ex- have decided to remain within As economies around the globe rebound and open, our
exists independent of the econo- ning new customers and sup- plains Varadkar. Horizon Europe. They have kept client companies are forecasting a return to growth.”
my surrounding multinationals. porting existing business,” says The break also meant redraw- in place linkages to continue to
Leo Clancy, CEO, Enterprise Ireland
“Our domestic economy
shrunk by 5-6% as domestic
Leo Clancy, CEO of Enterprise
Ireland.
ing partnerships in education
and research, as the two coun-
work together with Europe in
the sciences,” he explains. He
Enterprise Ireland
demand fell. There are around tries have long been partners in expects that Brexit will spur fur- for the dip is growth in export “The U.S. multinational pres- The world’s number one VC*
400,000 people currently re- Breaking Brexit these sectors. thered relations with Ireland’s to other international markets, ence in Ireland is extremely
ceiving income support from When Britain declared it would Simon Harris, Minister for EU counterparts and other inter- particularly towards Europe. large by relevance to Ireland’s As the world adapts to the new normal, Irish companies
are leading the way, helping global industries respond
the government who were not relinquish its ties to the EU, Further and Higher Education, national markets. Irish exports to the eurozone size. There are over 800 U.S. to their most pressing challenges. And as the world’s
have doubled in the last decade, multinationals with significant largest VC, Enterprise Ireland is investing in the most
and Brexit is expected to further operations in Ireland who di- cutting-edge Irish companies.
Prisma Reports wishes to thank its esteemed partners for their contribution to this project: push Ireland to explore other
destination markets for trade.
rectly employ 180,000 people
and indirectly support a further
Across the world, our network of advisors are connecting
global businesses with innovative Irish partners.
Enterprise Ireland is spear- 144,000 jobs,” explains Mark
Talk to us and get the Irish Advantage for your business.
heading a green campaign to Redmond, CEO of the Amer-
support companies in lowering ican Chamber of Commerce
IrishAdvantage.com
learning works carbon emissions and building Ireland.
more sustainable practices. The While Biden’s proposed tax
government has set up grants to system for multinationals may
companies engaged in the three look to upend Ireland’s position *
PitchBook 2020 Annual League Tables
following areas: $2,100 for en- as a corporate haven for U.S.
gaging consultants in efficiency companies, Ireland is confident
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Food sector Finance industry leads
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highlights sustainability economic growth
Ireland’s food and beverage sector sees continued growth Ireland’s economic success is due largely to decisions
despite setbacks caused by dips in trade by advancing into made by financial leaders and the country’s impressive
key foreign markets and staying true to its core principles banking and financial services sector
Ireland’s agri-food industry is one Ireland was well-equipped to The National Treasury Man-
of its oldest and most integral. handle the COVID-19 pandem- agement Agency (NTMA) has Paschal Donohoe Conor O’Kelly
Minister for Finance CEO, National Treasury Management Agency
While the nation houses around 5 ic and Brexit crisis due to the had much to do with keeping
million people, the sector produc- presence of economic leaders the country on the right path as
es enough food to provide for 25 from its booming finance indus- the entity charged with execut- the big economic drivers as we rope,” explains O’Kelly. While
million, with 90% of the sector’s try. In addition to outside fac- ing fiscal policies. The agency come out of the pandemic,” he in the past 50% of exports went
products aimed towards foreign tors, the nation’s banking sector introduced the country’s first says. to Ireland’s closest neighbor,
markets. Given its necessity, the is seeing a swell in new fintech counter-cyclical fiscal response the market now takes only 10%
Ireland’s large maritime area supports a vibrant $1.3-billion seafood sector
industry fared well during the that is sweeping the fast-paced in the 100-year history of the Prospects after Brexit of Ireland’s export share.
pandemic, hit with only a slight sector. Finance leaders are pre- country. “Our ability to with- Ireland’s exports to the U.K. Ireland is home to 17 of the
ket, U.S. companies invest in fall in demand. As the market re- dicting a heavily changed and stand our current crisis is very dipped considerably but had top 20 global banks and is now
Ireland as a platform to hit the covers, the industry is set to con- much improved industry as the much informed by what hap- been doing so before the pros- in a position to attract more. As
European Union, the European tinue its upward climb. country climbs back to econom- pened in the previous economic pect of Brexit. “Our dependen- the only English-speaking coun-
continent, the Middle East and Board Bia is Ireland’s food and ic normalcy. downturn, and similarly what cy on the U.K. as a market for try in the EU and with its close
Africa,” says Danny McCoy, beverage promoter and watchdog. Tara McCarthy we learn now will inform the exports has continued to decline proximity to London’s financial
CEO of the Irish Business and The state agency’s current strate- CEO, Board Bia
On the ground next,” stresses Conor O’Kelly, as we move more towards Eu- hub, the country’s financial ser-
Employers Confederation, the gy aims to raise exports to $22 bil- Although the U.K. is Ireland’s In 2020 the country’s deficit was CEO of NTMA. rope and other global markets, vices industry has drawn activi-
largest business representative lion by 2025, a figure they are well number one export destination around 5%, much higher than including the U.S., our biggest ty since Brexit and is expected
organization in Ireland. on the way to meet. Tara McCa- for food and drink, the U.S. fol- Ireland has seen in the past. Pas- Rise of fintech trading partner outside of Eu- to grow even larger.
rthy, CEO of Board Bia, outlines lows right behind. A large part chal Donohoe, Ireland’s Minis- The digital era has brought a
Expected growth the company’s success: “We have of food and beverage exports to ter for Finance, explains the wide array of new technologies
Given Ireland’s tremendous seen growth of more than 60% in the U.S. is alcohol, particularly reason: “Much of the increase that are transforming every
success during the crisis, the food exports over the last decade. Irish liqueurs and Irish whiskeys. in our deficit was driven by the industry they touch, and the
economy is expected to recov- Notwithstanding an incredibly The U.S. market alone account- need to support the Irish do- financial sector is no different.
er at a stable rate due to strong
income growth in 2020 and a
Danny McCoy
CEO, Irish Business and Employers Confederation
disruptive year, Ireland export-
ed $15 billion worth of food and
ed for 43% of all consumed Irish
whiskeys in 2020. Despite tariffs
mestic economy in the form of
income and enterprise support
Large pushes in big data, ar-
tificial intelligence and digital
Delivering
sharp rise in public demand for
goods and services. “As econo-
and welfare payments have gone
a long way to restore citizen’s in-
drink in 2020, down only 2% from
2019, a record-breaking year.”
on dairy goods and Irish cream
liqueurs by the U.S. adminis- The combination of the supported domestic economy and
Long-Term Value
mies around the globe rebound
and open, our client compa-
comes. Around 90% of citizens
are intact, while 10% are in dis-
The organization runs a sus-
tainability program called Origin
tration, the market continues to
thrive. Exports to the U.S. have our integration into global supply chains helped the Irish to the State
nies are forecasting a return to tress.” Although he says it will Green that aims to protect the en- increased by 10% in the last five economy do well.”
growth,” says Leo Clancy, CEO be a challenge, McCoy expects a vironment, push efficiencies and years, reaching a total value of Paschal Donohoe From managing the National Debt to investing for
of Enterprise Ireland. fast recovery of the job market, educate players along Ireland’s $1.2 billion. Minister for Finance impact with the Ireland Strategic Investment Fund,
Indeed, Redmond points to with it being completely rebal- the National Treasury Management Agency (NTMA)
delivers long-term value for the people of Ireland.
Ireland’s sectorial strengths anced in 2022. We believe that sustainability will be at the heart of everything programs. The combined value transactions are making many
during the pandemic. “Critical Ireland’s fiscal models are of those programs across 2020 core banking processes a thing
global supply chains in which largely based on the country’s
we do, and nutrition plays an increasing role in how we and early 2021 was around $14 of the past.
Irish operations play an import- recovery from the banking crisis navigate that.” billion. Although it was high, it In Ireland, the change is par-
ant role, such as pharmaceuti- in 2008 and the economic crash Tara McCarthy, CEO, Board Bia was the right policy decision to ticularly felt. “The presence of
cals, medical technologies and in 2018 that saw the country make.” many big international finan-
semiconductors, have main- quickly shuffle legislation to entire food and beverage value Looking to the future, Board However, he sees Ireland as cial services players and digital
tained or increased production, withstand the ups and downs chain. It involves 53,000 farms Bia’s strategy to market Ireland’s being in a completely different players creates the potential for
particularly in key medical tech- of the larger world economy. and 324 Irish food and beverage food and beverages to worldwide situation than most other mar- a kind of fintech hub,” explains
nologies such as ventilation pro- The nation has proved itself as companies and aims to lower markets is based on its core val- kets. “The combination of the Brian Hayes, CEO of Banking
duction,” he says. correct in its planning and is carbon emissions to meet govern- ues. “The most important attri- supported domestic economy & Payments Federation Ireland,
Like his counterparts, McCoy now a model for other nations- ment targets and promote best bute of the food and drink indus- and our integration into global the largest representative coali-
is optimistic about recovery, looking to strengthen their own practices for food and beverage try is trust. We have created an supply chains helped the Irish tion for companies working in
particularly the loss of employ- fiscal policies. With this new quality. “We still have the world’s infrastructure that ensures it is in- economy do well,” he asserts. Ireland’s banking and financial
ment. He underlines that Ire- crisis, the country looks again to only national food and drink sus- dependently accredited, validated Ireland has spent decades cre- services sector.
land’s macroeconomic figures strengthen its internal process- tainability program a decade after and proven,” says McCarthy. “We ating an open market for inter- NTMA’s O’Kelly also thinks
that have been on the rise will es and industry. “There is now its establishment,” McCarthy believe that sustainability will be national and local enterprise, that the country’s complete
support the ailing domestic an opportunity to reshape our adds. “We argue that sustainabil- at the heart of everything we do, which Donohoe believes is the digital immersion is inevitable.
economy. “The loss of jobs as a economy and society,” asserts ity is the one element that should and nutrition plays an increasing cornerstone to Ireland’s recent “Investments in digitization will
result of the crisis is temporary, McCoy. have all our focus.” role in how we navigate that.” success. be enormous. It will be one of
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Banks on board
Green innovation
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Another player that is stepping
up to the sustainability plate is
for green future
Citi, an American multination-
al investment bank. Citi sees
its European operations done
through its subsidiary Citibank
Banking institutions all over Ireland are aligning Europe, headquartered in Ire-
themselves with the government’s goals to see the land.
© Shutterstock / Mikemike10
The financial institution con-
country produce zero carbon emissions by 2050 tributed $2.2 billion to its par-
ent company in 2020 and had
a balance sheet of $75 billion.
One of the key themes to arise cial institution has a 40% share Colin Hunt Citibank runs operations in 22
from the COVID-19 crisis is of Irish personal and business CEO, Allied Irish Banks European countries.
the issue of sustainability. The banking customers. The bank The company launched a new Ireland is revamping lifelong education to bolster regional economies Universities in Cork are instrumental in fostering local start-ups
nation’s largest financial insti- has recently moved away from incumbent upon us to do every- sustainability initiative in April
tutions are looking to reduce physical banking towards digital. thing within our power to reduce 2021. It has committed $1 tril-
Sectors meet in Ireland’s push for innovation
unnecessary processes, digitize Daily transactions average fewer our own consumption of the lion towards sustainable finance
operations, decrease inequality than 40,000 in AIB’s physical Earth’s precious resources, en- and updated its environmental
and reform targets to cut down banks, while 1.5 million trans- courage our third-party suppliers finance targets from $250 bil-
on carbon emissions to create a actions take place on their dig- to adopt similar measures and lion by 2025 to $500 billion by
longer-lasting and greener bank- ital platforms. The COVID-19 to work with our customers to 2030. The bank also promised All research-driven sectors are meeting under one umbrella
ing environment. Since 2020, pandemic has accelerated the finance their transition to a low- to achieve net zero carbon emis-
two banks in particular are lead- process, with daily online trans- er-carbon future,” he declares. sions from all operations associ- as the Irish government reforms both its ministry and
ing the country’s drive for sus- actions sometimes climbing to 2 The bank recently released a ated with financing by 2050. “It initiatives to combine education and science
tainable development. million. new strategy in December 2020 is important we continue to em-
Colin Hunt, CEO of AIB, puts that aims to reduce AIB’s cost bed the values of ethics, conduct
Change through hardship sustainability at the top of his base by 10% and focus on its and transparency into the fabric Research and development ity of research to come up with
Allied Irish Banks (AIB) is Ire- personal strategy for the bank. sales advisory vertical. The com- of our organization,” says Cecilia has long been recognized as a a solution,” says Simon Harris,
land’s largest retail bank with 2.8 “As a pillar bank and as a re- pany aims to reshape its carbon Ronan, CEO of Citibank Europe. key pillar in Ireland’s econom- Minister for Further and Higher
million customers. The finan- sponsible corporate citizen, it is footprint by adopting a hybrid The institution is working ic growth. In the last decade, Education, Research, Innova-
working model for its staff. AIB towards its goals by pushing in- the public sector has dedicated tion and Science.
has also set targets to meet net novation and using new digital much of its budget to create a One of the government’s lat-
zero carbon emissions in its technologies. In 2009, the bank slew of initiatives to support est programs is the Apprentice-
operations and have 70% of its opened its first innovation lab innovation in the country’s key ship Action Plan. State agency
loans involved in green initiatives in Dublin, which studies new sectors. While the government SOLAS is heading the project John O’Halloran Andrew Brownlee
WE’RE IRELAND’S by 2030. technologies linked to fraud de- has long pushed the envelope
for new technologies, the public
with the aim to double appren-
ticeships in Ireland, broaden the
President, University College Cork CEO, SOLAS
FIRST BANK Our purpose is to act for the common good and improve the
quality of life for generations to come.”
sector is now ready to take to the
world stage and showcase what
Ireland is capable of.
range of programs, increase di-
versity in education and support
businesses.
CEO of SOLAS.
Public sector heroes
a large part of industry, some lo-
cal companies took off — and
took off with a bang. ICON pro-
PLEDGING TO Colin Hunt, CEO, Allied Irish Banks The government recently
attached its education and re-
The goal is to promote life-
long learning. The government
Upper-level educational insti-
tutions have also had a hand in
vides medical trials for biotech,
pharmaceutical and public sec-
OPERATE AS The company is also ac-
tively creating partnerships to
tection, payment technology and
client insight tools. Adjacent to
search ministries to develop
a cohesive space to tackle Ire-
is offering an annual grant of
around $3,500 per apprentice
pushing innovation and employ-
ment in the country. University
tors all around the globe. The
firm’s success story is a prime
CARBON NEUTRAL strengthen its portfolio, such
as forming a joint venture with
this facility, Citi opened its first
artificial intelligence center in
land’s deepest problems. Since
then, the government body has
taken on by companies.
“Until five years ago appren-
College Cork (UCC) is leading
the way in both sustainability
example of Irish ingenuity. “It
has been a wonderful journey
BY 2030
Great-West Lifeco, a Canadian 2021 with the aim to retransform launched a ton of new initiatives, ticeship was reserved for trades, and research. going from a five-person start-
insurance-based financial hold- the sector once again. The learning facility has up to annual revenues approach-
ing company, and taking over “We partner with fintech com- around 22,000 students and ing $6 billion and getting close
The first thing we are trying to do is connect the dots
using a net zero approach. from banks that are leaving the panies because we see the emerg- 3,000 staff, including 1,000 re- to $20 billion in market capital-
market. In 2021, the financial ing technologies they are pro- between problems in society and the ability of research searchers. Central to the school ization,” exclaims Steve Cutler,
firm agreed to acquire Ulster ducing. Citi has a venture arm to come up with a solution.” is the world-famous IGNITE CEO of ICON. The company
Bank’s corporate and commer- in California that may take part program, a business incuba- has grown to having a workforce
Simon Harris
cial loan book. ownership of these entities, or we tion platform that has worked of 38,000, in part due to its suc-
Minister for Further and Higher Education, Research, Innovation and Science
Hunt believes that Ireland’s may adopt their technology and to build up 120 start-ups and cessful $12-billion acquisition of
financial industry has been made use it,” Ronan explains. found 140 new companies. PRA Health Sciences this year.
more robust by Ireland’s recent Ireland’s financial sector’s including a plan to introduce such as carpenters, plumb- “The world is currently being The company played a key
AIB Sustainability economic blows. “The Irish adoption of green policies is a technological universities in re- ers, electricians and painters. challenged by three things: in- role in staving off the pandemic.
banking industry went through sign of the times. The moves gional areas for better access to Over the last five years we have fectious disease, climate change “It’s a matter of public record
We pledge to DO MORE. an exceedingly difficult period in are part of Ireland’s climate act education and a digital literacy worked hard to expand appren- and digitalization. These are at that we helped Pfizer run their
the last great global financial cri- signed into law in July 2021 that program to make sure the pop- ticeship into new exciting areas the forefront of what the univer- large-scale coronavirus vaccine
sis. While banks were part of the seeks to reduce carbon emissions ulation stays ahead of the curve. like auctioneering, real estate, sity needs to be working on,” as- trial that was first to market in
problem in the last crisis, banks by 51% in the next decade and “The first thing we are trying to craft butchery, hospitality, soft- serts John O’Halloran, president just 250 days from start to the
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. are now a large part of the solu- make Ireland a leader in the EU do is connect the dots between ware engineering and cyber secu- for UCC. emergency use authorization,”
tion,” he admits. on combating climate change. problems in society and the abil- rity,” explains Andrew Brownlee, While the pandemic held back Cutler says.
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David McRedmond Anne Heraty
Ireland’s public and private sectors work hand in hand to foster growth CEO, An Post CEO, Cpl Resources
Ireland leads the EU in decarbonizing its environment and future Wind turbines generated 36.3% of Ireland’s energy demand in 2020
Local businesses act to support society
Companies across Ireland are working to sustain the zens and its workforce of almost developing a program to ensure
Green policy
instigates industry
10,500 — and it takes it seri- less gender gap and promote di-
community and the future of employment through innovative ously. “2020 has probably been versity in the workplace. Despite
initiatives and research centers in a time of crisis the worst year in our lives with the crisis and its efforts to sup-
lockdowns, illness, death and port the community, An Post saw
the many issues the pandemic annual growth in revenue of 2% In June 2021 the public sector released a bill that put
During the COVID-19 pandem- zens in dealing with the pandemic brought forward,” admits David in 2020, with recorded income of
ic, it became increasingly clear and switching to the new normal McRedmond, CEO of An Post. $1.1 billion. the country on a legally binding path to decarbonize its
that the public sector needs to of work. The company took a firm stand Another large public entity sectors and mitigate climate change
play a leading role in supporting One such company is An Post, against the crisis, emphasizing that has played a part in support-
workers and society as a whole. Ireland’s domestic postal service. its core values. “Our purpose is ing Ireland’s community is Cpl
Local champions have risen to The logistics giant has a direct to act for the common good and Resources, a local recruitment The Irish government’s ambi- land’s power generation distribu-
the challenge and supported citi- impact on the lives of Irish citi- improve the quality of life for gen- company that has gone global. tious green initiative plans to tion network. The government is Eamon Ryan Mark Foley
erations to come,” he says. The company of 13,000 employ- halve carbon emissions in the hoping for more, with a target of Minister for Environment, Climate, CEO, EirGrid
Communications and Transport
An Post was instrumental in ees works hard to fill gaps in the next decade and have Ireland 70% of the nation’s energy com-
supporting the citizens of Ireland market. “One of the biggest oper- completely carbon neutral by ing from renewables by 2030. traditionally linked through two France or the U.K.,” asserts Foley.
through a plethora of initiatives ating challenges for all companies 2050, in line with targets set for “There will be a new industry in interconnectors in the U.K. In With so much change on the
aimed at protecting those sus- is talent attraction and retention,” the country’s European neigh- offshore wind, particularly on the response, the government has horizon, Ireland’s energy com-
ceptible to the virus. The postal says Anne Heraty, Founder and bors and the U.S. The plan in- east coast, and a rise in solar tech- planned a 348-mile power link panies are preparing for a slew of
service created a portal to reg- CEO of Cpl. “Leadership skills, volves three five-year budgets nology, which is new to Ireland,” called the Celtic Interconnector projects that will change the face
with specific sectoral targets. explains Foley. To hit these tar- between Ireland and France that of Ireland. “’The extent of en-
Our purpose is to act for the common good and improve the “We have addressed the COVID gets EirGrid plans on further up- will be built over the next five thusiasm and collaboration that
crisis, but there is also an eco- grading the transmission system years. Additionally, another inter- has been brought is outstanding
quality of life for generations to come.” logical crisis we must address,” to meet rising demand due to Ire- connector with the U.K. is being and climate action will be real for
David McRedmond, CEO, An Post says Eamon Ryan, Minister for land’s ever-growing data centers built by private company Green- people as part of their daily lives,”
Environment, Climate, Com- and information and communi- link. “Interconnection is a critical says Marie Donnelly, chairperson
ister the elderly and vulnerable emotional intelligence and cre- munications and Transport. He cation technology sectors. part of the jigsaw puzzle. We can of the Climate Change Advisory
for postmen and postwomen ativity are tremendously essen- is confident Ireland can meet its “We need to work with regu- bring electricity in from France, Council, a private entity charged
to check on. The company also tial.” Cpl was recently acquired targets in transport, energy and lators to ensure that the market should we need it, and we can with advising the public sector on
provided free postage to nursing by Japanese recruitment agency digital areas. evolves, and investors are en- export our renewable capacity to addressing climate change.
and care homes. Additionally, An Outsourcing, which expanded the EirGrid is Ireland’s electric couraged to invest, whether it
Post launched a platform to pro- company’s international reach. power transmission operator. is in new renewables, batteries
vide a secure and private address Cpl also improves the lives of Mark Foley, CEO of the utility, is or technologies that keep the EirGrid is transforming
This is An Post Commerce. for the homeless to facilitate em- all Ireland’s workforce through the power system
This is doing business across distance
ployment and help them keep in its Future of Work Institute. The We have addressed the COVID crisis, but there is also an for future generations.
touch with loved ones. research center focuses on col- ecological crisis we must address.”
as if distance doesn’t matter.
Even before the crisis, the local lecting data on the workforce and We are working to reduce
company put sustainability first. providing companies with better Eamon Ryan, Minister for Environment, Climate, Communications and Transport
This is the support you need to Ireland’s reliance on fossil fuels
promote, sell, deliver and succeed. An Post has the largest fleet of management strategies, which is and make decarbonization a reality,
electric cars in Ireland. In 2020, particularly significant given the proud of Ireland’s achievement in system stable,” he says. “We providing a safe and reliable electricity
This is small, local, big, global. supply in a way that secures
Dublin became the first city in the recent changes to work patterns attaining a renewables platform need to incorporate a mix of the future for those
world to have carbon-free postal due to lockdowns. “It is remark- that accounts for 43% of the new technologies by 2030 so that who follow us.
deliveries. In 2021, the company ably interesting to see how the country’s energy production, up the whole system works in a ho-
Discover a world of ways to
intends to replace its entire fleet future of work is changing, and from almost none in 2007. listic way.”
bring your customers closer at
with electric vehicles with the aim what type of models are unlikely The high percentage is in part Due to Brexit, Ireland finds
anpost.com/Commerce
to be a carbon-neutral company to move into the future,” asserts due to EirGrid’s efforts to up- itself disconnected from its Delivering a cleaner energy future
by 2030. The postal service is also Heraty. grade the control systems of Ire- counterparts due to electricity
8 For further information please visit www.prisma-reports.com 9
We are
ICELAND LAND OF FIRE AND ICE FORGES NEW OPENINGS IRELAND, GROWTH IN THE FACE OF ADVERSITY
Industry heroes flourish
the makers. in time of crisis
Leo Clancy, CEO, Enterprise Ireland, underscores the success
Irish businesses have had despite challenges caused by the
COVID-19 pandemic and Brexit
The future is what PR: What does Enterprise Ireland
you make it.
provide for the country?
LC: As a small island nation, our Enterprise Ireland has been pivotal in driving the growth of Irish companies
exporting sector is vital to Ireland’s
economic success and job creation
strategy. We invest in the most in- nizations. ICON provided clinical trial of the shift towards sustainability. In
novative Irish companies through all services to the Pfizer and BioNTech the agritech sector, which is a strong
stages of their growth. Enterprise Ire- investigational COVID-19 vaccine sector in Ireland, Keenan’s advanced
land provides capability building and program. The company mobilized a diet feeders promote sustainability
financial supports to drive the scale large global team of therapeutic and in farming by reducing waste, max-
of Irish companies across interna- operational specialists to partner on imizing animal feed efficiency and
tional markets. We are also focused the implementation of Pfizer‘s and enabling a circular economy.
on ensuring that there is a strong BioNTech’s strategic plan and frame- In other sectors, CitySwift has
pipeline of high-potential start-ups work for the monitoring of the trial. created a platform that uses data to
in the country. Additionally, we drive Leo Clancy The team increased its efficiency to strategically improve public transit,
collaboration and commercialization CEO, Enterprise Ireland ensure a rapid study. making the most sustainable modes
of state-funded research. Global software developer and of transport more efficient and user
Pre-University Science
Since the mid-’90s the Irish gov- business continuity planning during consultancy firm Nearform built friendly. Ecocem is improving and
ernment has committed more than the pandemic. the world’s most widely adopted promoting the use of a greener ce-
€585 million in seed and venture COVID-19 will have a lasting im- COVID-19 contact tracing app, now ment alternative. Additionally, Ocean
capital schemes through Enterprise pact on the digitalization of compa- used by millions across Europe and Energy is capturing and converting
Ireland. The scheme is crucial in fos- nies following an accelerated shift the U.S., including in the states of the power of waves into electricity
tering strong growth of innovative in- in consumer behaviour and ways of New York, New Jersey, Pennsylvania using their unique technology.
digenous companies in early and late working. This will make a significant and Delaware. It works across bor-
scaling journeys. difference in the medium term, par- ders to allow users to travel with the PR: What impact has Brexit had
In recent years we have seen ticularly in enabling formerly locally same level of protection and privacy. on Irish business sectors?
many strong start-ups in fintech, focused Irish companies to access The company recently announced LC: It is too early to say what sec-
cybersecurity, digital health and ag- global markets. However, we do see plans to expand across North Amer- tors will be most affected in the long-
ritech sectors. We have also put a significant inflation in logistics and ica to meet demand. term by Brexit. It will depend on final
strong focus on women-led start-up material costs that is being felt all
companies. Our level of investments over the world. Companies will look Ireland is a small, open economy, but one with
in women-led businesses is two to more closely at their long-term supply global reach and a key understanding of what it takes
three times the global average. chain resilience and costs. to succeed.”
Exports by Irish companies were
Leo Clancy, CEO, Enterprise Ireland
PR: How did the COVID-19 pan- up marginally year-on-year despite
demic affect Ireland’s overall declines in most advanced econo-
economy? mies. Ireland was the only economy Additionally, Irish biometric au- implementation of the EU-U.K. Trade
LC: COVID-19 created unprece- in the EU to grow in 2020. The na- thentication solutions provider Daon and Cooperation Agreement and the
dented challenges for everyone. From tion is now ranked fifth in the world created VeriFLY, a mobile health normalization of some of the distortive
the outset, our approach was focused for global exports of COVID-19 relat- passport. American Airlines is the effects of supply chain adjustments
on helping companies stabilise, reset ed goods and services. Ireland is a first U.S. airline to adopt the VeriFLY during this initial period. However, the
and recover. This included creating a small, open economy, but one with technology. It provides customers area of most concern would be the
dedicated COVID-19 response hub global reach and a key understanding with an easy method of providing agrifood sector.
that provided crucial advice to over of what it takes to succeed. results from a negative coronavirus Since the Brexit vote, Enterprise
8,000 companies; a scheme targeted test and other completed documents Ireland’s priority has been to ensure
at sustaining 27,500 jobs across Irish PR: What Irish companies were required for international travel into that Irish exporters were prepared.
enterprises; and grants to hundreds the biggest heroes during the the United States. British Airways also We implemented a program to sup-
of retailers to quickly pivot their offer- crisis? announced they will use the app. port Irish exporters in being more
ings online. The move to digital is a LC: ICON is a global provider of innovative, competitive and diversi-
crucial first step for many companies outsourced drug and device develop- PR: What is the private sector fied, including €146 million in funding
to move into foreign export markets ment and commercialization services doing to promote environmental to Brexit exposed clients in 2018
and build a stronger base. Addition- to the pharmaceutical, biotechnology sustainability in Ireland? and 2019. We also introduced pro-
ally, we provided direct support for and medical device industries and LC: There are many examples of grams to help companies hire cus-
companies who required financial or government and public health orga- companies already taking advantage toms experts.
thisisFET.ie @thisisfet
learning
10 works For further information please visit www.prisma-reports.com 11
IRELAND, GROWTH IN THE FACE OF ADVERSITY IRELAND, GROWTH IN THE FACE OF ADVERSITY
Irish industry set University plans
to educate the next city of innovation
generation of innovators Professor John O’Halloran, President, University College
Cork, describes how the institution is supporting the local
Tara McCarthy, CEO, Bord Bia, outlines the steps the Irish
community and transforming Cork into a center for creativity
food regulator is taking to train the workforce of tomorrow
and mitigate the effects of Brexit
PR: How does University College
Cork (UCC) differentiate itself
PR: What has Bord Bia done to our sustainability agenda. We are Ireland’s agri-food sector accounts for 7.1% of employment in the country from other learning institutions?
promote the next generation of creating a pipeline of talent that has JO: University College Cork is an
workers in the sector? market-focused experience in the mote sustainability in its food and institution that promotes indepen- University College Cork’s campus is a hotbed of research and ingenuity
TM: We have invested quite industry through the 24 months they beverage value chain? dent thinking, a modern outlook and
strongly in talent. Over a decade ago spend with us. TM: The world is facing many chal- a strong focus on sustainability. We My larger vision is for University microbiome research. We also con-
we created the Marketing Fellowship Around 80% of graduates who run lenges. We argue that sustainability is take a whole systems approach to College Cork to support the devel- nect to our Institute of Social Sciences
program to fill a gap in the food and through our programs — whether it the one element that should have all sustainability that is recognized glob- opment of an innovation hub that in the 21st Century.
drink industry. We partnered with UCD is towards supply chain, sustainability our focus. We are the only country in ally. University College Cork is the first connects Irish ingenuity with Cork’s The world is currently being chal-
Michael Smurfit Graduate Business or export marketing — stay with the the world to operate a national sus- green flag campus in the world. We rich research environment. We con- lenged by three things: infectious
School to create our first program. food industry and create new success tainability program. Our Origin Green are ranked eighth in the world on The nect UCC’s Tyndall National Institute, disease, climate change and digita-
We offered potential graduate stories. We recently recruited 40 plac- initiative was built more than a decade Times Higher Education Impact Rank- the largest research institute in the lization. These are at the forefront of
students with work experience the es out of 3,000 applications, which ago and is incredibly innovative. It’s a ings and ninth in the UI GreenMetric state and one that works on informa- what the university is working on.
opportunity to have a master’s in mar- means one in every 15 graduates was national-run program that unites the World University Ranking, the only Professor John O’Halloran tion and communication technology We not only have the infrastruc-
keting combined with an opportunity applying to work in the food industry. government, private sector and supply global ranking for sustainability. President, University College Cork hardware and software, with the APC ture, but we also have an ecosystem
to work with the Irish food industry on This is a fantastic endorsement of the chain from farmers to food producers We challenge our students to science, engineering and the human- Microbiome Institute, which is also filled with talent that is supported by
commercial projects. After a decade excitement associated with our sector. right through the food services and constantly enquire and make contri- ities. based at University College Cork and the private and public sectors to en-
of work in this area, we are adding retail sectors. Tara McCarthy butions towards a more sustainable Our original 2017-2022 strategy ranked number one in the world in able innovation.
CEO, Board Bia
four additional programs to support PR: What is Bord Bia doing to pro- We are committed to creating world and equip them with key skills was revisited, and we realigned our
a food and beverage sector that is validated and proven. We believe that and attributes through our curriculum priorities. We focused on learning and
independently reviewed and based the combination of trust with a natural and extracurricular offerings. teaching, research and innovation,
on science. We offer tangible proof product is the recipe for success. Our Quercus Talented Students’ student success and infrastructure.
Dairy from Ireland in our green agenda. This allows us
to set and achieve measurable sus- PR: How has Brexit affected Ire-
Programme is a competitive schol-
arship. Quercus is the Latin word for
We aim to keep all good elements
of an on-campus experience while
where we work in tainability targets while balancing the land’s revenues from exports of
harmony with nature environment, economics and social food and beverages? Universities are often slow to move and evolve; in
elements included in the definition of TM: The U.K. is our number one moments like this we are ready to take really big steps.”
T
ENDEN
Ireland’s lush green fields, fresh, clean air and plentiful sustainability. export destination for food and drink.
INDEP
Professor John O’Halloran, President, University College Cork
rain create the perfect environment for rearing grass-fed We view traceability of food as We transported $5.1 billion worth of
IN G
cows. Together with an agile industry that responds speedily
to changing production requirements, we’re able to ensure
a cardinal infrastructure. While we goods to the U.K. in 2020, encom- THINRKA
have had a proper traceability system passing around 33% of our exports. oak. It is an academy for highly tal- accelerating digital immersion and O FO
a consistent, secure supply of premium quality dairy produce. for many years, we are now looking Of this, almost half consisted of beef ented students who are contributing learning. Universities are often slow to
ABLE
Our farmers and producers continue to work with care,
commitment and respect for tradition.
at criteria such as greenhouse gas
emissions, biodiversity, water usage,
and dairy exports. The U.K. is our
closest market and has a similar taste
to changing the world.
We have had 140 students on
move and evolve; in moments like this
we are ready to take really big steps.
SUSTAIN
CTED
& CONNE
As members of Origin Green - Ireland’s leading-edge energy efficiency, soil management, profile to our own. We import and ex- that program over the last five years.
socioeconomic factors and other nec- port around the same amount of food Some of these students have been PR: What kind of impact does
E
national food quality and sustainability program - their
FUTUR
work is also measured and independently audited to drive essary modern data sets. We have and drink between us. profiled in Time magazine and others UCC have on the city of Cork and
continuous improvements in food safety, traceability, have spoken to the United Nations. local communities?
animal welfare and greenhouse gas emissions.
We are committed to creating a food and beverage sector Our Quercus Talented Students’ Pro- JO: University College Cork has a
To learn more about how we work in harmony with nature gramme supports high-performance population of 22,000 students and In University
that is independently reviewed and based on science.”
like nowhere else in the world, visit irishfoodanddrink.com athletes at UCC. Four Olympic medals 3,000 staff. The immediate popula- College Cork we
Tara McCarthy, CEO, Bord Bia were won at the recent Tokyo Olym- tion of the city is only about 150,000. think globally
pics: two gold and two bronze. There is also a second university,
600 auditors consistently on the road We have been preparing for Brexit Munster Technology University. We
and act locally.
gathering data at farm and factory since June 2016. We created data PR: How has the COVID-19 pan- are a real university city in every
levels. They ensure the industry has sets to help us understand all appli- demic changed the way the sense of the word; United Nations To discover more
proper support and management sys- cable nuances. Our Brexit action plan school operates? Educational, Scientific, and Cultural about UCC and
tems to navigate the steadily changing considers our sector’s new require- JO: In March 2020, the entire Organization has designated Cork our connected
environment. ments in terms of customs, sanitary university was successfully pivoted as a learning city. University College university, visit
The most important attribute of the and phytosanitary controls, business online. We continued our curricula Cork along with other municipal insti- www.ucc.ie
food and drink industry is trust. We continuity and market diversification. and vital research during this period. tutions have signed a memorandum
have created an infrastructure that We saw that 90% of companies felt We cover the full range of disciplines, of understanding focusing on Cork’s
ensures it is independently accredited, they were well prepared for Brexit. including medicine, nursing, law, innovation.
12 For further information please visit www.prisma-reports.com 13
IRELAND, GROWTH IN THE FACE OF ADVERSITY ICELAND LAND OF FIRE AND ICE FORGES NEW OPENINGS
On the frontlines
ing coming out of the pandemic, it way that engages them.
is that we now recognize our ability Additionally, wearable technolo-
to move forward at a dramatic pace. gies allow us to manage and mon-
of the COVID-19 crisis
We must take these important pos- itor heart rates, blood oxygen levels,
itives out of what has been a very blood sugar and pulse rates, for ex-
challenging global tragedy. ample. We have a group called Sym-
phony Health through which we can
Steve Cutler, CEO, ICON, describes his company’s efforts PR: What benefits have come collect data from pharmacies, mainly
to combat the COVID-19 pandemic and how the crisis from recent investments in in the U.S. We receive data from sev-
vaccines and the biopharma in- eral hundred million patients — on
has pushed new digital technologies forward dustry? a de-identified basis — that allows
SC: The pandemic has precipi- us to see their diagnoses, the drugs
tated many major changes, particu- they are being treated with and the
PR: Can you give us an overview larly in our industry. Everyone knows consequences of treatment deci-
of ICON’s operations? what a clinical trial is now and the sions. There are a variety of ways
SC: ICON is a contract research contribution the biopharma industry in which emerging technologies are
organization. We run clinical tri- has made in bringing the COVID-19 aiding us to be more efficient as we
als for pharmaceutical and device vaccines to the market. head into the future.
companies that want to move their
products to the market when they do
Some of the new technology that
has come out of these vaccines, PR: How significant is the rela-
Cpl’s aim is to transform each client’s business through a range
not have the in-house resources and
capabilities to do so. We run trials all
such as messenger ribonucleic
acid (mRNA), applies not just to the
tionship between the U.S. and
Ireland?
of talent solutions while positively impacting the communities
around the world. With our recent
acquisition of PRA Health Sciences,
COVID-19 vaccines, but to the flu,
zoster, respiratory syncytial virus and
SC: The relationship between Ire-
land and the United States is incred-
we work in and the lives of the people we work with. Cpl has
we have grown to 38,000 people
in 50 countries around the world.
oncology. The potential that mes-
senger RNA technology has to treat
ibly important and rooted in signifi-
cant emigration over the last couple
over 30 years of experience in offering the best talent
We collect required data and help
to submit the data for approval and
Steve Cutler
a whole different group of diseases
is extraordinary. We want to be a key
hundred years; there is a large Irish
diaspora based in the United States. C
solutions possible for our clients and candidates.
CEO, ICON
registration. part of helping our customers realize The Irish heritage in politicians and M
We were founded 31 years ago in get people vaccinated very early on. the potential of such scientific ad- in all levels of society in the United
Dublin and were only five people at We had around 1,000 people work- vances for the benefit of society. States is palpable. Those links pro- Y In addition, Cpl’s Future of Work Institute is a consultancy
the start. Since then, we have grown ing on the big phase-three trial in
dramatically, moving to the United North America, South America and If there is a silver lining coming out of the pandemic,
CM
business that explores, questions and designs future work
States in the 1990s and expanding Europe. We organized the sites and
it is that we now recognize our ability to move forward solutions with our clients, partners and collaborators. We
MY
to Europe, Asia, Latin America, Aus- made sure we followed the nearly
tralia and many other countries. It 50,000 patients in the trial, col- at a dramatic pace.” CY
has been a wonderful journey going lecting and reporting the data and Steve Cutler, CEO, ICON CMY conduct research, workshops and events, and deliver key
from a five-person start-up to annual
revenues approaching $6 billion and
working with our colleagues at Pfizer
to get the vaccine initially registered PR: How have new digital tech- vide an opportunity for Ireland to be
K
insight projects with our clients.
getting close to having $20 billion in on an emergency use basis and later nologies helped ICON push effi- its own entity in terms of a partner in
market capitalization. a fully approved basis. Other trials ciencies in its clinical trials and trade and foreign policy.
around pediatric populations and internal operations? Ireland is a highly effective collab-
PR: How instrumental was pregnant women are ongoing. Our SC: New technologies are being orator, and its people are open and
ICON at combating the global involvement is a source of pride for applied on many fronts. Machine transparent. American businesses
COVID-19 pandemic? ICON and Ireland. learning and artificial intelligence appreciate working with countries
SC: It’s a matter of public re- The pandemic helped us think dif- are being used in more routine tasks and people who are straightfor-
cord that we helped Pfizer run their ferently in how we do trials. Offsite to file documents and process case ward and have a can-do attitude.
large-scale coronavirus vaccine trial monitoring and management of tri- reports. This has given us the oppor- Enterprise Ireland and several other
that was first to market in just 250 als and other digital techniques and tunity to move more routine tasks groups have facilitated our deep re-
days from start to the emergency technologies have taken a quantum away from our associates and have lationship, which is appreciated on
use authorization and thus helping leap forward. If there is a silver lin- them use their brains and skills in a both sides.
14 For further information please visit www.prisma-reports.com 15
IRELAND, GROWTH IN THE FACE OF ADVERSITY IRELAND, GROWTH IN THE FACE OF ADVERSITY
Economy resilient Financial industry
in face of adversity seeks EU foothold
Conor O’Kelly, CEO, National Treasury Management
Cecilia Ronan, CEO, Citibank Europe, talks about Ireland’s
Agency, discusses the impact of the COVID-19 pandemic
current attractiveness as a place for multinationals to do
on Ireland and the country’s upward trajectory
business and its strong relations with the U.S.
PR: Can you give us an overview
of what the National Treasury PR: Why is Ireland an attractive formative effect on banking — en-
Management Agency (NTMA) place to set up operations? abling faster, easier, and smoother
does and its role during the pan- Treasury Dock CR: Ireland has a probusiness en- access to financial services. It is also
demic? vironment; the ease of doing business driving financial services to become
U.S. company Citi sees Dublin as its European and worldwide hub
CO: The NTMA manages the bal- see today. Around 80-85% of people In terms of our sustainability cre- is high. We have a highly diverse busi- more embedded in our clients’ busi-
ance sheet of the Irish state. While have retained their jobs in specific dentials, we still have a lot to prove. ness ecosystem, with a wide range ness models. In Citi, we think of fintech where corporates want to have the can have those types of roles right here
the government sets policy, our role sectors. Tech and pharma compa- We need to be more ambitious, of tech, pharmaceutical and financial in three categories: partners, clients same seamless digital experience they in Ireland. We positively welcome the
is to act as the interface of the sover- nies not only survived, but thrived. aggressive and committed to sus- services companies as well as start- and competitors. We mostly deal with get at a consumer level. return of what we see as multilater-
eign with the financial markets, legal This is not to diminish the severity tainability, particularly in sustainable ups. This enables collaboration and fintechs as partners but don’t rule them alism under the Biden administration,
markets and the private sector. As of the pandemic on certain sectors. finance and energy. breeds innovation. Even within the out as competitors. We partner with PR: What impact does the U.S. which will indeed support opportunities
the state’s face in the marketplace, Travel, transport, tourism and retail financial services sector, there is a fintech companies because we see multinational presence have on for growth even more.
in all those regards, we execute the sectors were impacted significantly, PR: How significant are relations broad spectrum of companies includ- how we can use the emerging technol- Ireland? Our clients here are international,
country’s requirements for borrowing but they account for a relatively lim- between Ireland and the U.S. and ing aircraft leasing, funds business, ogy they are developing and they can CR: There are 800 U.S. firms based and also Irish companies that want to
and investing to the highest stan- Conor O’Kelly ited percentage — 15% — of the how will changes in tax laws for insurance, banking and international use our unparalleled global network. out of Ireland with a diversity of busi- go global and global clients that want
dards that we possibly can. CEO, National Treasury Management Agency overall economy. multinationals affect your rela- financial services. The strong talent Citi has a venture arm in California, Citi ness and skills across the multination- to expand their network. In that sense,
In response to the pandemic, As we come out of the crisis, you’ll tionship? pool, access to the EU and being the Ventures, that invests in some great al sector. For many years, if people Citi is an ideal partner because of the
the government asked us to do a PR: What are the benefits of Ire- see government supports going from CO: We have been close to Ameri- only English-speaking country in the fintech companies. wanted significant career growth, they scope and scale of our network across
number of things. This included land’s current fiscal scheme in being very macro, to more and more ca for a very long time; we were inex- EU is a real advantage for Ireland. This Startups launch locally but generally would have had to emigrate. Now, they the world.
borrowing large amounts of money light of the recent crisis? sector specific to certain industries tricably linked culturally and socially is in addition to an attractive corporate want to go global as soon as possi-
in the marketplace and also asking CO: Ireland had one of the best to give them support. As the entire through hundreds of years of shared tax rate. ble. They typically use our network to
us to put together and invest in the performing economies in Europe in economy does not require assis- history. The U.S. is a massively im- Having all this on offer here has giv- take them across markets rather than
Pandemic Stabilisation and Recovery 2020 — with no fall in economic tance, things will rebound quickly. portant trading partner. Corporate en us the ability to expand our business building it themselves. For example, we
Fund (PSRF). We made $2.4 bil- growth in our overall GDP. Although We have savings and are expected tax is an issue that has replaced and move up the type of roles we have have partnered with Stripe and Uber is
lion available to invest in the capital
structure of companies. This was not
Ireland is a small economy, it is a
complicated economy. Our GDP
to start spending, which will have
a huge economic impact. However,
Brexit as the number one discussion
we have with investors. Our twin-en-
here up the value-chain. At Citibank
Europe we have moved approximately
one of our large clients. As competi-
tors, fintechs are often more agile than
Tomorrow belongs
just lending, but investing equity and
any kind of capital that they needed,
numbers are not equivalent to other
countries because of the impact of
to those who invest
which is quite innovative. multinational corporations and their
Ireland developed a policy in the 1950s to build an The future will be focused on what the culture of
in its true potential.
© 2021 Citigroup Inc. Member FDIC. All rights reserved. Citi, Citi and Arc Design and other marks used
international-type economy and became very effective
herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.
activities; we have a twin-engine work looks like and how we ensure innovation and
PR: What is NTMA’s Ireland Stra- economy. Our indigenous economy at attracting foreign direct investment.” collaboration.”
tegic Investment Fund? was completely on the floor and was Conor O’Kelly, CEO, National Treasury Management Agency Cecilia Ronan, Managing Director, Citibank Europe We make it our mission to empower
CO: The Ireland Strategic Invest- being led by our international econo- those who strive to create a world
ment Fund (ISIF) is an unusual sover- my consisting of large multinationals that’s smarter, cleaner, healthier and
eign wealth fund. Legislation dictates and exporting companies. These en- rebounds and recoveries are not gine economy is built on a low tax 800 lower-value roles to locations out us. Therefore, it is key we invest in our more prosperous for everyone.
that the fund must meet what we call tities account for about 50% of the the same thing. Whether we will see rate. Obviously, Ireland has other of Ireland and moved approximately own digital capabilities. Business and
our double bottom line. It must have economy. a firm sustainable recovery is up advantages such as a young and ed- 1,000 higher-value roles into Ireland in supply chain models of our clients are From Ireland to any of 160 countries
a commercial return and it must in- This setup was deliberate for us. for debate and depends on policy- ucated English-speaking workforce the past years. We have over 500 high- changing quite significantly, and we where you might operate, we’re there
vest for economic impact for Ireland. Economies need diversity in reve- makers. and our place in the European mar- ly qualified people working in technolo- need to continue to support them. We
to help you finance, transact, invest, grow
Most sovereign wealth funds are nues and activities to survive. Ireland ket. Our belief is that multinationals gy roles — from software engineers to used to be pushing digital, real-time
solely for commercial return. developed a policy in the 1950s to PR: What major trends do you should pay their fair share of taxes data scientists. This is major evolution capability and instant payments to cli- and embrace all tomorrow has to offer.
ISIF has been very successful build an international-type economy think will drive economic growth in the right place. The Organisation from the customer service roles we ents, but now they are demanding it.
citi.com/progressmakers
in terms of impact with more than and became very effective at attract- in the post-COVID world? for Economic Co-operation and De- started off with. We have been able Payments is one of the biggest ar-
100 investments across all sectors ing foreign direct investment. Now CO: There are two great secular velopment and similar bodies are to reskill people and we have many eas for fintechs in Ireland, but there is
and regions of the Irish economy. some of the biggest technology and themes taking place: digitization currently trying to square the circle of our global leaders here. Our people also growth in digital currencies and
We are already seeing returns from pharmaceutical companies in the and sustainability. From a digitiza- and get global taxes back in line. Ul- can have a global career while based in regulatory technology, amongst others.
successful investments in key areas world have their European headquar- tion point of view, Ireland has strong timately, the impact on Ireland is not Dublin. There is a culture of adaptabil- We need to be really focused on the fu-
we made five or six years ago. These ters in Ireland. technology credentials. Digitization known. ity, flexibility and productivity. The idea ture and how we can ensure innovation
returns are then recycled and invest- When we have a crisis, these is only just beginning. During the However, Ireland is now seen as of client experience is natural to us. and collaboration, and that new ideas
ed into other areas as the economy parts of the economy keep us going. pandemic every business sought to one of the premier locations for any- must continue to be generated. Rapid
changes. We have added about We have recently seen the benefits introduce and work on their digital body to set up a European business, PR: What relationship does Citi advancement of our digital capabilities
$2.5 billion to the value of the fund of this type of framework. When the response. Investments in digitization big or small, and, in a way, maybe have with the rising number of is essential to our clients. In the last few
through investment returns since we pandemic first hit, our predictions will be one of the big economic driv- we don’t need that factor as much fintech companies? years there has been a convergence of
began. were quite different from what we ers as we come out of the pandemic. as we did in the past. CR: Technology is having a trans- consumer and corporate expectations,
16 For further information please visit www.prisma-reports.com 17
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