A recent report reveals Dublin as the No. 1 city worldwide for foreign direct investment.
According to the ‘Global Cities of the Future 2018/2019’ report, Dublin has been ranked as the number one ‘large city’ in the world for foreign direct investment (FDI). FDI is defined as an investment made by a firm or individual in one country into business interests located in another country.
Here we take a look at the report and findings.
Report published by fDi Intelligence
The report was published by fDi Intelligence, which is a publication of the Financial Times. Its purpose is to provide industries with an insight into globalisation and foreign direct investment, and is published on a biennial basis.
The report also revealed that the Irish capital was ranked number two in the world for ‘Business Friendliness,’ and a top spot in the global rankings in the ‘Economic Potential’ category.
Overall, Dublin comes in third as the overall ‘Global City of the Future,’ maintaining its position from the year previous.
The report classifies Dublin as a city with an immediate population of 500,000 and a large urban zone of more than one million people.
Europe’s Silicone Valley
The report recognised Dublin’s increasing economic strength and versatility and its emergence as a stronghold in the European tech industry. Tech accounts for half of Dublin’s FDI between 2011 and 2015, while a PwC report in 2018 showed tech companies owned 43% of Dublin’s newly occupied office space in the first half of 2018.
Facebook is establishing a new campus in Ballsbridge with space for 5,000 employees, while Google acquired two new offices in the capital, which include 700 new jobs.
The report notes that Dublin has “established a reputation as a software and IT hub.” This has led the Dublin City Council to pronounce the capital as ‘Europe’s Silicone Valley.’
Owen Keegan, the Chief Executive of the Dublin City Council, recognised the report as a “phenomenal achievement” for the city.
Awards for Dublin city and region within the report
The report sees the Dublin region rank in first place in four separate categories: Northern Regions, Small Regions, Best for Economic Potential, and Best for Business Friendliness.
Additionally, Dublin City ranked second place for five ‘Major Cities’ awards; Overall European Cities, Northern Cities, Major Cities, Best for Economic Potential and Best for Business Friendliness.
Singapore was crowned as the fDi’s ‘Global City of the Future’ for the third consecutive year. London earned second place, meaning Dublin was Europe’s second highest ranked nation in the report.
Collaboration between stakeholders
Dublin has earned its high ranking as a result of dynamic collaboration between key stakeholders, which include Dublin City Council and other Dublin Local Government Authorities, IDA Ireland, Enterprise Ireland, Local Enterprise Ireland and the Irish Government.
Greg Swift, Head of Economic Development & Enterprise at the Dublin City Council praised the benefits of “joined up thinking and collaboration”, while Councillor Deirdre Heney, Chair of the Economic Development & Economic Strategic Policy Committee for the Dublin City Council stated it was “very encouraging to see continued and sustained improvements in our economic performance.”