Ireland, which has made large strides in recovering from a financial crisis, seeks to emerge as a favorable investment destination for Seoul-based firms, a chief investment official from the country said Monday.
"Ireland is one of the most globalized economies in the world," said Barry O'Leary, the head of IDA Ireland, which stands for the Industrial Development Authority. "Ireland is interested in bringing businesses that will bring clear substance," said O'Leary.
The remark came as the IDA Ireland opened its branch in South Korea earlier this year, in a bid to provide small-and-medium companies in Asia's fourth-largest economy with new opportunities overseas.
"The areas we target specifically are advanced manufacturing with high capital intensity and skills," O'Leary said. "(The areas
include) research and development, global services such as technical support, supply chain management, European headquarters -- any activity that can bundle together on a pan-European basis."
O'Leary highlighted that Ireland distinguishes itself from other European countries in four areas, namely its pool of talented workers, its track record of firms that make investments, its low corporate tax and its technology capabilities.
"Ireland has a very low corporate tax of 12.5 percent," O'Leary said, which hovers far below of 24.2 percent in South Korea and 35 percent in the United States.
"Other areas would be softer, (such as) the ease of doing business, English language, EU membership, etc.," he added.
The IDA Ireland said it has contacted around 100 local firms since opening its Seoul office, and added that many of them showed interest in having a headquarter in Ireland for various purposes.
"The Irish economy is fundamentally a very strong economy,"
O'Leary said, curbing concerns surrounding the crisis-ridden country which was hit hard by the 2008 global fiscal crisis.
"Our debt level as ratio to the gross domestic product is the second-lowest in Europe (in 2012)...and Ireland has met all of its targets, such as reducing its budget deficit, and it will exit its bailout in December," he added. "We are now rebalancing our economy to the export-led growth."
"There are two fantastic brands from Korea (popular in Ireland), Samsung and LG, that many consumers in Ireland know exceptionally well," O'Leary said, highlighting that South Korea already holds significant market presence in the country.
The IDA aims to secure new investment from overseas in manufacturing and international services, as well as for encouraging existing foreign enterprises to expand their businesses. IDA Ireland has a staff of 250 people and headquarters in Dublin, with 18 overseas offices. (Yonhap News)
