UCD_BC_FDI_16-19.qxd 25/8/08 17:13 Page 22
INDUSTRY CLOSE-UP
FDI – What’s the forecast?
‘It remains to be seen if our
A seminar on the future of foreign
citizens and policymakers
direct investment in Ireland
have the fire in the belly to
8.15am – 12.00pm O’Reilly Hall, UCD
deal with these new realities’
7.45 – 8.15 Registration & breakfast
Event chair — Olivia O’Leary
8.15 – 8.30 Welcome & introduction by Paul Haran,
to whether you believe the world is changing or it is fundamen-
Chairman, Smurfit Business School
tally unchanged. If you believe the wave of growth is going to be
8.30 – 9.10 Presentation by Dr Robert Shapiro,
different to the one that existed a decade ago, then FDI efforts
author of Futurecast 2020
should be following that wave.”
9.10 – 9.30 Q&A
Pointing out that a sizeable percentage (figures quoted vary from
9.30 – 10.00 Headline interview with Michael
15% to 50%) of the world’s cranes are currently in Dubai, he says:
Kamarck, senior VP, Wyeth Biopharma
“You have to ask yourself what we are doing as a nation, given that
10.00 – 10.15 Coffee break
10.15 – 11.15 Panel discussion with
there might be some sort of a change taking place in who has the
• Jim O’Hara — Intel
money and who has the power. Right now, we’re still acting as if that
• Aidan Brady — Citibank
has not happened.”
• Prof Eamonn Walsh — UCD
Shapiro too believes that Asia will be a key new source of invest-
• Kieran McGowan — former CEO, IDA
ment over the next 15 to 20 years. “We’re going to see a lot more FDI
11.15 - 11.35 Panel Q&A
from Asia into Europe,” he says. “Eventually China will begin to do
11.35 – 11.55 Close, Prof Pat Gibbons, UCD
this. It is a little away from that on any scale, but it has the money to
do it and has to spend that money somewhere. In addition, I would
For more information and to
be looking at trying to attract Korean and Taiwanese FDI.”
However, Ireland’s real target now must be to wean itself away
register, visit
www.ucd.ie/fdievent
UCD Michael Smurfit
from its dependence on foreign investment, he says, adding that
Graduate Business School
more focus on ‘spillovers’ is required. “The efficiencies and innova-
tions associated with foreign-owned organisations must spread to
the domestic economy so that, in effect, Ireland’s domestic busi-
which set up in Dublin in 1965 and now employs 2,000. “We have nesses look more like the foreign-owned businesses. After all, what
to compete with the best, which means looking to places like New you have here are the most modern and advanced business organi-
York, London, Geneva and Silicon Valley. We need to have sations in the world. Ireland’s businesses need to learn from their
infrastructure that looks like theirs, we need the airports and we best practices.
need a general awareness from the public about where we’re going.” He points to China as a country that has quite a similar model to
Ireland’s USP for attracting new investment is a cultural advan- Ireland and is very consciously trying to make its own businesses
tage in terms of networking skills, the absence of a colonial heritage more innovative and efficient by adopting the practices of very
and a track record of welcoming FDI, according to Prof Eamonn advanced FDI companies. “China has quite deliberately used the
Walsh, PwC Professor of Accounting at UCD School of Business. foreign companies as a model and in fact, through the initial stages
“The opportunities to work with new economies in areas such as of joint venture, has used them to train its people in working and
marketing, commercial and financial operations are infinite. It managing in these kinds of companies.
remains to be seen if our citizens and policymakers have the fire in “Judging by the data, there’s an enormous gap in the productivity
the belly to deal with these new realities.” of Irish and foreign companies in Ireland,” he adds. “I think Ireland
can probably figure out quite well how to continue to attract FDI,
The next big thing particularly in the areas where there are already high concentra-
The next wave of FDI will clearly come from Asia and the Gulf tions. But the ultimate goal for any country that has modernised
States, he says. “Since the beginning of the decade, important itself through FDI is to adapt the efficiencies and innovations of the
economic and geo-political shifts have occurred. Only history will foreign companies to the native economy.”
tell if they were an aberration or a fundamental shift. However, if Recognising where the next wave of FDI will come from and hav-
the latter is the case, then a failure to engage with Asia and the Gulf ing the ability to adapt quickly to make the most of new areas of
States will consign our own economic performance to the dustbin of opportunity are critical for sustaining and growing the economy in
historical aberrations. the immediate future. Long-term economic success and growth,
“For 25 years we have been very successful in providing the US however, may well depend on Ireland's capacity to provide an envi-
with a window into Europe. The question is whether we should ronment where home-grown businesses have the mindset and skills
try to continue doing that or whether we should also consider to scale up and compete with the very best in the world.
offering other nations a window on Europe. A lot of it boils down Grainne Rothery
18 UCD BUSINESS CONNECTIONS
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