Business
Business Profile
The Irish ‘Celtic Tiger’ economy is currently booming and Dublin is at its heart. As the financial centre of Ireland, Dublin represents 32% of the national labour force and contributes 38% to 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 over a decade ago, when the ‘Celtic Tiger’ term was first coined. Employment growth in Dublin has strengthened in recent years, whilst average unemployment figures have steadily decreased and are among the lowest in Ireland.
The number of businesses in Dublin is in the region of 40,000, including over 800 overseas companies. Services account for 77% of all jobs in Dublin (61% on a national level). Dublin’s highest growth industry is tourism. Tourism numbers have been growing consistently each year, with figures more than doubled in the past decade. In 2001, 30% of Dublin’s overseas visitors travelled for business purposes. This figure is set to expand considerably after the completion of an international convention centre in the city’s re-emerging docklands area, once development plans are agreed upon. For the moment, the Royal Dublin Society (RDS), Merrion Road, Ballsbridge (tel: (01) 688 0866; fax: (01) 660 4014; e-mail: info@rds.ie; website: www.rds.ie), is one of the main conference venues.
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, attracting such leading national and international institutions as NatWest, National Irish Bank, Citibank and Ulster Bank to set up branches here. The IFSC is located in the old Custom House Docks area, while the traditional business district is in the Dublin 2 area.
The Dublin Chamber of Commerce is located at 7 Clare Street (tel: (01) 644 7200; fax: (01) 676 6043; e-mail: info@dubchamber.ie; website: www.dubchamber.ie), while the Industrial Development Agency (IDA) in Dublin is located at Wilton Park House, Wilton Place (tel: (01) 603 4000; fax: (01) 603 4040; e-mail: idaireland@ida.ie; website: www.idaireland.com).
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 plenty of time should be allowed to complete a deal. Due to traffic congestion during rush hour, breakfast meetings are growing in popularity. Lunch meetings are frequent, although meeting in a pub or bar (from around 1730 onwards) for a few beers and/or for dinner (at around 2000) is also common. Office hours are generally Monday to Friday 0900-1700 or 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 is best avoided.
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Business