Broadband connectivity also key to Ireland’s ability to compete internationally
Chartered Accountants Ireland comments on today’s release of 2020 FDI statistics by CSO
16 December 2021
Commenting Cróna Clohisey, Public Policy Lead, Chartered Accountants Ireland said
“FDI has been the key driver of Ireland’s return to economic prosperity, and to further capitalise on this position of strength, the regulatory conditions and environment must continue to meet the needs of today’s globalised businesses.
“Chartered Accountants, as business advisors, have played a crucial role in bringing technical skills to bear in supporting overseas investment, facilitating regulatory compliance, and reducing any association risk and uncertainty for businesses. It is not only what is done from a policy perspective that can set a country or location apart from others, but how it is done.”
The Consultative Committee of Accountancy Bodies - Ireland (CCAB-I) emphasised earlier this year the need for a stronger pipeline of students to fill accounting courses and apprenticeships at third level, leading to professional accountancy qualifications. It warned that Ireland needs greater ‘bench-strength’ to meet demand from employers and future-proof economic growth.
Clohisey continued
“38% of respondents to an Institute study earlier this year worked in Irish subsidiaries of foreign companies, demonstrating the importance of the accounting profession to FDI in Ireland. Accountants are on the Department of Enterprise’s Critical Skills Occupations List, professions in which there is a shortage of qualifications, experience or skills required for the proper functioning of the economy.
“Traditionally, demand for accountants has come from professional and financial services as well as industry, but now we see increased demand in business process transformation, data analytics, RegTech, Fintech, compliance and risk management.”
According to the IDA, 52 percent of FDI investments were outside of Dublin in 2020. In addition, prompted by Covid-19 and underpinned by the new legislation needed for remote work, the hybrid working model is likely to become embedded in the future of many workplaces. The success of this new workplace model will depend on the availability of broadband connectivity.
Clohisey noted
“The pandemic has highlighted the need to address issues around digital infrastructure, and it has drawn attention to the digital divides that exist between regions and between industry sectors. Ireland has made some progress over the last decade in rural broadband coverage, however, very high-capacity network coverage (21%) is less than half the EU average (44%).
“In an extremely competitive environment, inadequate broadband capacity risks undermining our ability to compete internationally for investment. For that reason, it is imperative that broadband connectivity is accelerated as per the commitments set out in the Programme for Government.”
ENDS