Indian firms exploring potential in Ireland .

Coimbatore, April 26 Close to a dozen Indian companies are said to have held talks with Irish firms to explore business potential and the benefits of establishing their presence in Ireland. They include players in the financial services space, BPOs and software developers.

Sharing this information with Business Line, the APAC Director of IDA Ireland, Mr Brian Conroy, said the investment climate appears to be getting stronger now, after a lull for almost 18 months.

“Ireland is strong in three sectors namely information and communication technologies, financial services and life sciences. We are looking for investments in these areas,” he added.

The FDI investment in research and development and ICT has been estimated at over €500 million in 2009.

Research and investments

He said “in the past, Indian companies chose to acquire firms in Ireland. Now, they are looking for collaborative research and investments in Ireland. MNCs assemble network of people in their own organisations as also mesh with other multinational firms and indigenous companies to create new products and services. About seven companies have established their presence in the last year or so.”

According to him, the Irish Government offers 40 to 50 per cent incentive for research and development activities.

During his brief visit to India, Mr Conroy met prospective investors in the cities of Mumbai, Bangalore, Chennai, Delhi and Hyderabad.

Source : Business Line