Ireland: Brexit situation creates 4,500 jobs
As per a development agency Brexit was successful in creating around 4,500 jobs in Ireland. The CEO of IDA Ireland said that beginning from June 2016, 55 companies decided to opt for Ireland owing to Brexit.
Securing extensive investments
The agency also secured extensive investments related to Brexit during 2018. Brexit has become an important factor in all decisions related to investments in Ireland. The Business Minister of Ireland feels that these developments reflect an increase in faith of the international community in Ireland. It is also developing into a happening as a financial and commercial hub after Brexit. Names like JP Morgan and Thompson Reuters have made a move.
Moreover, totally, 230,000 people are employed in the multinational sector of the country. This is also a record. There is 11% growth in multinational jobs in 2018. Ireland was benefiting from a rich Brexit dividend today. In the light of these developments experts also note that Brexit can create a few problems for the country. Brexit is driving investment towards Ireland but apart from it there will be no positive scenario for Ireland. The worry of Irish government is that a no-deal Brexit would impact heavily on the economic, political, and legal spheres.
Investments will continue in future
Additionally the investments related to Brexit will continue for a period because the UK was presently less attractive for investments. These 4,500 jobs by 55 companies were only jobs announcements at the initial level. There is likelihood that employment of these companies will increase. There are many financial institutions which seek a new or better presence in Ireland. These include Citi Group, Bank of America, Morgan Stanley, and Barclays.
Moreover Ireland offers many advantages in a post-Brexit scenario. These include primacy of English language, firm commitment towards the EU, and a common legal system. There will also be an increase in investments in the pharmaceutical sector in Ireland.
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