Ireland’s dynamic capital city is likely the first location that springs to mind when someone thinks of investing in the region. Dublin is often the first consideration for companies looking to set up operations in Ireland, and whilst it continues to perform strongly in terms of attracting inward investment, there’s a wealth of alternatives just outside the city walls.
In this article, we’ll discuss the potential for areas in Ireland beyond Dublin that have strong potential for future growth opportunities.
Galway
Galway became a busy tech hub from the early noughties onward. Eight of the world’s top 10 MedTech companies are based in Galway, and the medical devices designed and made there are saving lives all over the world. With the ever-increasing need for companies to attract and retain talent, Galway offers a vibrant multicultural city life balanced perfectly with the tranquillity of the countryside. Institutions like University of Galway provides a highly educated and innovative workforce, placing the region at the forefront of innovation and productivity.
Sligo
Neighbouring Sligo, with its prime geographical location, is a pivotal hub for the north west region. As well as being home to Ireland’s first National Surf Centre, it is also the location for Ireland’s Foreign Direct Investment Agency (IDA) first fast landing service, ‘The Landing Space’, which provides an open plan, turnkey collaborative working environment for companies who wish to quickly and easily establish operations in the north west region.
These two firsts illustrate the efforts both at a local and governmental level to create a region that offers commercial viability with an enviable lifestyle. Sligo boasts average commuting times of 22 minutes, highly affordable childcare and even cheaper accommodation costs.
The National Institute for Bioprocessing Research and Training (NIBRT) celebrated a 15-year partnership with Atlantic Technology University (a merger of Galway-Mayo, Letterkenny and Sligo Institutes of Technology) this year. With course offerings strategically designed to meet evolving industry demands, this partnership has been pivotal in the development, upskilling and reskilling of a crucial pipeline of professionals to fulfil the growing needs of the biopharma sector in Ireland.
Cork
Cork, often referred to by locals as the ‘Real Capital of Ireland’, is another thriving region for foreign direct investment (FDI). Projected to be the fastest growing city in the country, Cork city has been named the number one small European city for Economic Potential by the FT’s ‘European Cities and Regions of the Future’ awards. Over the past decade, Cork has seen significant FDI investment and development, with many leading brands such as Apple, Johnson Controls, and Pfizer choosing the location to further global success. Situated on the banks of the River Lee and boasting its own airport, Cork city and county is a renowned haven for food lovers and the city hosts many world-famous festivals.
According to Cork County Council, over €2.5 billion will be invested in the city over the next five years so Cork can manage the projected growth sustainably with infrastructure-led development.
County Clare and Limerick
Access to airports is particularly important for companies setting up in Ireland. The importance of Shannon Airport in this regard is evidenced by the fact that over 40 per cent of FDI companies in the mid-west region are located within its 90-minute catchment area. The airport is also the base of the International Aviation Services Centre (IASC), Ireland’s largest aviation and aerospace industry cluster.
Proximity to the airport, as well as the presence of Shannon Foynes Port, Ireland’s second largest port operator and largest bulk port company, have seen both Limerick and Clare attract a multitude of multinational companies in recent years. Set up business in Limerick or Clare and you’re mid-way between the Americas and 26 fellow European Union states, giving unlimited options for trade, employment and expansion.
Limerick is home to many great education and industry initiatives, including the LERO Research Centre, which brings together software teams from across Ireland, in a coordinated centre for research excellence with a strong industry focus.
The southeast
In 2020, the Ireland southeast was crowned by the FT as No.1 for Regional FDI Strategy (regions of under 1.5 million people). High-value manufacturing, life sciences, technology, engineering, industrial technologies, and international financial services are thriving sectors in the likes of Carlow, Kilkenny, Tipperary, Wexford and Waterford.
The border region
There are 66 IDA client companies in the border region (Donegal, Sligo, Leitrim, Cavan and Monaghan), employing 8,651 people. Over the past five years, IDA clients have increased by 18% as traditional strengths in sectors such as Engineering and Industrial Technologies and Medical Technologies were complemented by new investments from the Technology, International Financial Services and Life Sciences sectors. Letterkenny Institute of Technology’s engagement with IDA client companies on the formation of a Northwest chapter of Cyber Ireland.
Conclusion
Investors and companies setting up in regional Ireland can expect to see as much as a 30% cost differentiation. The urban centres and countryside outside of Dublin offer significant property solutions particularly for those in manufacturing and R&D and requiring larger spaces. Project Ireland 2040, a long-term spatial strategy, includes a major focus on quality of life and placemaking. The €165 billion capital investment program aims to meet housing, climate, and public transport priorities by 2030.
In conclusion, regional Ireland offers a vibrant, multicultural, and economically resilient environment for companies looking to invest beyond Dublin. With strong regional centres scattered across the island, international companies have ample opportunities to thrive while contributing to the local economy and community.
IQ-EQ provides a complete service offering to meet the needs of our clients in Ireland, from fund and asset management to servicing capital markets and corporates. If you want to hear more, get in touch today.
