Promising Business Opportunities in Ireland

Promising Business Opportunities in Ireland

The Emerald Isle, Ireland, earned its nickname from the lush green countryside, essentially grassland and vegetation, that overlays most of the land. This green country is rich in culture, heritage, and history, and surely knows ways to keep its history alive. The ancestral castles built in the early 1200s to 1500s are now fascinating tourist destinations. Their literature, classical music, and art of living have been inherited to become an integral part of Irish life, followed and relished by people of all generations. The quality of life that Ireland offers is exceptional, that is why countless people fancy moving to this country for work and business opportunities.

Is Ireland a good place for Business Investments?

Ireland is a promising country to set up your business. It is seen as one of the best countries to inaugurate a business owing to its benefits such as reliable economic growth, strong transportation links, and the perks of being an English-speaking country. There also aren’t many government interventions or protocols in establishing your business. It is easy to register yourself as a limited company or a sole proprietor. It also offers favorable and convenient tax schemes, contrary to many other countries in the region. Additionally, you get to cater to a larger market since it is a member of the European Union.

What are some good Business Opportunities in Ireland?

Ireland is fostering the growth of various industries. The Irish government is also encouraging new and existing businesses in every domain to level up by setting its National Development Plan to €165 billion for the coming decade. This plan aims to prioritize solutions in diverse sectors and lead the country to achieve national economic renewal. The major business opportunities are to be seen in the following sectors:

  • Aerospace and Aviation: Ireland has catered to the aviation leasing industry for over 50 years. It is now regarded as a global centre for this sector. More than 60% of the aircraft that are leased globally are operated and managed by Irish companies. They have set a great benchmark in this sector by taking off their aircrafts every two seconds.
  • Technology and IT Services: Ireland being a booming economy, renders a lot of products and services. Considerable scope exists for this sector in this country. Following India, Ireland is the 2nd largest exporter of IT Services throughout the world. There are many rising opportunities in the cyber security market, smart city market, telehealth market, IT in banking, retail market, etc.
  • Healthcare and pharmaceuticals: Ireland is one of the largest exporters of pharmaceuticals and medical devices. Likewise domestically, it offers great healthcare services to its residents. Many people consider moving to this country with the intention of receiving exceptional medical care. Setting up a business in this sector could be affirming. Some good options to operate in this sector include manufacturing and supplying orthopaedic and artificial body parts, medical instruments and appliances, hearing aids, or providing Artificial Intelligence solutions in the healthcare sector.
  • Hospitality & Tourism: Ireland is one of the most exotic places for tourists to visit during any time of the year. It offers various kinds of tourism such as culinary, ecotourism, and medical. Travelers love to indulge in adventure activities such as hiking, cycling, equestrian riding, angling etc. The government has also taken various initiatives to endorse tourism like introducing the COVID-19 Safety Charter.
  • Food & Beverages: Since Ireland receives many tourists, there is a lot of demand for food and drinks. Visitors from all around the globe keep their list of demands huge in Ireland with lots of expectations. Although this industry witness high competition, if you introduce something with an extraordinary USP and promote it pleasingly, you’ll stand out. Additionally, the export percentage of the food & beverages sector is exponential compared to other countries. Its major exports include Irish craft beers, whiskeys, spirits, and wines.
  • Primary Industries: Ireland has vast opportunities in agriculture, fishing, and forestry owing to its abundant natural supply including large fertile meadows and seaside cliffs, making it ideal for such activities, all year round.
  • Mining and Construction: The National Development Plan implemented by the Irish government is an initiative towards creating world-class infrastructure, from which, 1/4th of the budget will be utilized in its capital city, Dublin and the rest will be appropriated towards the development of the remaining cities. Some business opportunities in this sector include the smart glass market, advanced high strength steel market, strategic metals market, smart mining market, and many more alternatives which are useful in developing the infrastructure of the nation. According to ESRI, the construction sector is now expected to dwell 18,000 new residences in this year, and 21,000 in the consequent year.

If you are planning to set up your business in one of these key sectors in Ireland, the country has many privileges to grant such as a simple taxation scheme and policy, a friendly market environment, and encouraging governmental assistance.

Despite the current difficulties globally, Ireland’s economy persists in growing. Especially post COVID-19 pandemic, the country’s economy has grown substantially. The exports increased by 17% in the initial quarter of this year. Numerous industries are contributing to the growth of this country.

If you wish to gain insights into the Irish Market, reach out to  Infinium Global Research has studied the Irish market extensively and has prepared country-specific research reports on diverse markets including the cyber security market, smart city market, craft beer market, medical tourism market, hearing aids market, and many more domains.

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