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Business Profile |
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The ‘Celtic
Tiger’ economy is booming and Dublin
is at its heart. As the financial centre of Ireland, the capital
represents 32 per cent of the national labour force and contributes
38 per cent to the national GNP. The hub of the transport system,
with a strong educational and research infrastructure, the city
looks set to sustain its current economic boom, which started
in 1994, when the ‘Celtic Tiger’ term was first coined.
Unemployment figures for Dublin have steadily decreased in recent
years and are among the lowest in Ireland.
The number of businesses in Dublin is about 40,000, including
over 800 overseas companies. Services account
for 77 per cent of all jobs in Dublin (61 per cent on a national
level). Dublin’s largest growth industry is tourism.
Tourism numbers have been growing each year,
with figures more than doubled in the past decade. The Royal
Dublin Society (RDS), Merrion Road, Ballsbridge (telephone:
(01) 688 0866; fax: (01) 660 4014; e-mail: info@rds.ie)
is one of the main conference venues.
Over the last few decades Dublin has gained the reputation as
Europe’s software capital; over 60 per
cent of business application software sold in Europe is manufactured
in Ireland. Other major market sectors include the food
industry (including Cadbury’s
and Guinness), electronics (with
US firms accounting for 82 per cent of total employment), pharmaceuticals
and chemicals, retail and teleservices..
The Irish Stock Exchange and the headquarters
of the Bank of Ireland, Central Bank and AIB are all based in
Dublin. The International Financial Services Centre (IFSC)
is an integral part of Dublin’s economy, employing 6,000
people and attracting such leading national and international
institutions as NatWest, Citibank, Bank of Ireland, IBM
and Ulster Bank. The IFSC is
located in the old Custom House
Docks section, while the traditional business
district is in the Dublin 2 area.
Business Etiquette
Business meetings are fixed easily but this does not mean that
the deal is done. Small talk leading to trust is important so
plenty of time should be allowed to complete a deal. Due to traffic
congestion during rush hour, breakfast meetings are popular. Lunch
meetings are also frequent, although meeting in a pub or bar (from
around 17:30 onwards) for a few beers and/or for dinner (at around
20:00) is also practiced.
Office hours are generally Monday to Friday 09:00-17:00
or 18:00.
Business style is informal; first names are used and suits are
worn, jackets can be taken off. 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 this
is evident in most business situations. Discussion of Irish politics
is best avoided.
Dublin Commercial Information
The Dublin
Chamber of Commerce is located at 7 Clare Street (telephone:
(01) 644 7200; fax: (01) 676 5433; email: iinfo@dubchamber.ie).
The Industrial
Development Agency (IDA) in Dublin is located at Wilton Park
House, Wilton Place (telephone: (01) 603 4000; fax: (01) 603 4040;
email: idaireland@ida.ie).
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