Ireland to become the go-to destination for Indian start-ups

Ireland to become the go-to destination for Indian start-ups

Posted by Vivek Nama on June 7th 2017

According to a report published in the Economic Times, Ireland along with the Investment and Development Agency (IDA) is keen to triple the number of start-ups, IT services organisations, entrepreneurs from various sectors in India in the next three years to set up base in various parts of Ireland.

IDA along with sister firms like Enterprise Ireland is looking forward to helping Indian start-ups and enterprise companies focusing on the European market. “We are willing to give Indian companies competitive tax rates, access to funding, 48-hour registration period, easy regulatory surroundings so that we become the go-to destination for companies from India,” says Martin D Shanahan, CEO, IDA Ireland.
 
 “Indian originations’ should also establish research and development centre which will help propel growth in future technological areas so that job market is always ahead of the curve,” says Shanahan. Moreover, he points out that the talent pool in Ireland offers an added advantage for foreign organisations.
“We rank in top five for population growth, overall workforce productivity, university education, and secondary school enrolment. The government wants to meet 74 per cent of ICT skills set from domestic institutions by 2018.”And  events like Brexit and recession in various parts of Europe have had a positive impact so far for Ireland.
 
But according to the IDA, whereas Indian organisations are allowed to bring in experts from other countries including theirs, 50 per cent of their workforce within two years needs to be from native Ireland or Europe.
 
IDA Ireland is engaged with organisations in IT services, fintech, pharmaceuticals and medical devices among others. Currently, six out of the top 10 Indian IT services companies in Ireland include TCS, HCL, Wipro, Mindtree, and Tech Mahindra who had started with a BPO operation and have also set up a Centre of Excellence in the telecom space. Also 30 Indian companies are operating in Ireland, employing about 3,000 people.

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