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long-term growth prospects" for international investors

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long-term growth prospects" for international investors
Companies may soon look to make a business money transfer into Ireland as the beleaguered economy has been hailed for its "young and highly-educated" workforce.

D&B's Country Risk Services has said that the country is increasingly a good hub for foreign business as it offers strong "long-term growth prospects".

Martin Koehring, an economist at the organisation, has said the country's "robust legal and trade environment" created opportunities for companies.

"Ireland's agricultural and manufacturing industries are recovering well compared with the struggling services and construction sectors," he commented.

Exports have recovered strongly, according to the expert, which has improved business opportunities for companies dealing with the sector.

Furthermore, it is claimed that Ireland's low corporate tax rates will continue to appeal to foreign investment.

"A young and highly-educated workforce also offers opportunities for foreign companies that are attracted by the country's long-term growth prospects," he enthused.

The economist admitted that being tied into the euro prevented the region from devaluing to increase competition, but said that the lack of exchange rates with other eurozone nations gave Ireland a "significant advantage".

However, Reuters reported that more than half of Irish businesses expect the current downturn to last more than two years, according to the results of a recent survey.

Ireland's gross national product shrank by 4.3 per cent during the first quarter of the year - the sharpest drop since the current records began in 1997.

"The general sense is of an Irish economy that is seeing no clear change in business conditions," the survey reported.

"While the worst may be over in terms of the downturn, there is a distinct absence of the sort of progressive improvement in business conditions that might be expected in a normal recovery."

Additionally, Ireland's economy has continued to be hamstrung by the debt crisis in fellow eurozone country Greece.

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