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Discuss the current role of the Industrial Development Authority (IDA Ireland) and Enterprise Ireland in the development of the Irish economy. - Leaving Cert Business - Question C - 2014
Question C
Discuss the current role of the Industrial Development Authority (IDA Ireland) and Enterprise Ireland in the development of the Irish economy.
Worked Solution & Example Answer:Discuss the current role of the Industrial Development Authority (IDA Ireland) and Enterprise Ireland in the development of the Irish economy. - Leaving Cert Business - Question C - 2014
Step 1
Discuss the current role of the Industrial Development Authority (IDA Ireland)
Answer
The Industrial Development Authority (IDA Ireland) plays a crucial role in attracting and developing foreign direct investment (FDI) in Ireland. This includes engaging with multinational companies such as Google, Intel, Microsoft, and Facebook to promote Ireland as a prime location for business.
IDA Ireland offers valuable information and statistics on various key business sectors, helping to highlight optimal locations for potential investors within the country.
Moreover, IDA Ireland assists businesses in establishing operations in Ireland, providing guidance on property and regulatory requirements for international investors. This support helps simplify the process of setting up and ensures a smoother transition for incoming businesses.
The authority builds essential links with local industries, government entities, service providers, and research institutions. By fostering these relationships, IDA Ireland establishes a network that aids in enhancing the capabilities of both local and foreign companies.
Additionally, IDA Ireland concentrates on developing clusters of excellence and maintains a balance between various regions in the country, thereby promoting equitable growth.
Step 2
Discuss the current role of Enterprise Ireland
Answer
Enterprise Ireland is fundamentally responsible for fostering the development and growth of indigenous Irish industries, particularly those with potential for export. This organization specifically targets businesses with fewer than 10 employees, assisting them to deliver on new export opportunities.
Enterprise Ireland provides crucial support to both emerging companies and researchers in Higher Education Institutions. This involves developing methodologies and processes aimed at increasing job creation and stimulating economic growth.
Through targeted funding, Enterprise Ireland aids entrepreneurs from concept to operational stages, enabling businesses with high growth potential to thrive. By connecting these businesses to larger companies, it facilitates the expansion of their activities and international reach.
Furthermore, Enterprise Ireland organizes trade missions, trade fairs, and knowledge-sharing events that allow Irish businesses to present their products and services on an international stage. This exposure helps companies secure new customers while also enhancing their market intelligence, ensuring they stay competitive in global markets.