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Business Business Profile: The Irish 'Celtic Tiger' economy is currently booming with Dublin its beating heart. As the financial centre of Ireland Dublin represents 32% of the national labour force and 38% of the national GNP. The hub of the national transport system, with a strong educational and research infrastructure, the city looks well set to sustain its current economic boom which started around 1994 when the 'Celtic Tiger' term was first coined. Unemployment fell from 7.1% in 1998 to 6.4% in 1999 (slightly lower than the national level of 6.7%), and is predicted to fall as low as 3.6% in 2001. Services account for 77% of all jobs in Dublin (61% on a national level). Dublin's highest growth industry is tourism, which saw a 10% growth rate in the 1990s. About 20% of Dublin's overseas visitors travel for business purposes. This figure is set to expand (at an estimated rate of 30,000 per year) after the completion of an international convention centre in the city's docklands area in 2003. For the moment the Royal Dublin Society (RDS), Merrion Road (tel: (01) 668 0866; fax: (01) 660 4014; e-mail: info@rds.ie; website: www.rds.ie), is one of the main conference venues. The Dublin Chamber of Commerce is at 7 Clare Street (tel: (01) 613 0800; fax: (01) 676 6043; e-mail: info@dubchamber.ie; website: www.dubchamber.ie), while the Industrial Development Agency (IDA) in Dublin is at Wilton Park House, Wilton Place (tel: (01) 603 4000; fax: (01) 603 4040; e-mail: idairland@ida.ie). Over the last few decades Dublin has established a reputation as Europe's software capital; over 60% of business application software sold in Europe is manufactured in Ireland. Other significant market sectors include: the food industry (including Cadbury's and Guinness), electronics (with US firms accounting for 82% of total employment), pharmaceuticals and chemicals, teleservices and retail. Dublin is home to the Irish Stock Exchange and the headquarters of the Bank of Ireland, Central Bank and AIB. The International Financial Services Centre (IFSC) is an integral part of Dublin's economy, employing almost 4500 people and attracting leading institutions - such as NatWest, Bank of America, IBM, Coca-Cola and Hewlett Packard - to set up new operations. The IFSC is located in the old Custom House Docks area, while the traditional business district is in the Dublin 2 area. Business Etiquette: Business meetings are easily fixed, but this does not mean that the deal is done. Small talk leading to trust is an important element so an actual deal can take much longer. Due to traffic congestion during rush hour, breakfast meetings are growing in popularity. Lunch meetings are frequent, although meeting in a bar (from around 1730 onwards) and/or for dinner (at around 2000) is also common. Office hours are generally 0900-1800. Business style is informal; first names are used and although suits are worn, jackets may be taken off. Above all, visitors should avoid treating their Irish hosts as anything other than the modern Europeans that they are. Dublin wit is fast-flowing and engaging and is evident in most business situations. Discussion of Irish political issues should be avoided. |
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