Ireland has extended open invitation to Punjab and Chandigarh-based companies to set up ventures and collaborate with Irish companies in the field of agro industry, food processing, IT sectors while offering pro-business environment and low-tax regime.
There is a lot of interest in Punjab-based companies in doing business with Ireland. It could be setting up ventures in Ireland and equally it is also tying up with Irish companies in various fields whether it is in agro industry, food processing or it is IT and life sciences.
Setting up of base in Ireland, companies will have an access to the European Union. Lot of companies will use Ireland to springboard into Europe. There are many reasons for that like right from the cost of doing business in Ireland which is cheaper than any Western Europe jurisdiction.
There is a pro-business environment in Ireland and the government recognises that business is very important to the economy. For Ireland, exports and MNCs are pillar for the economy. Ireland is the fastest growing economy in the EU. Ireland offers a favourable business environment coupled with immigration policies that welcome skilled labour and entrepreneurs to be part of the pro-business environment. The corporate tax is just 12.5 per cent. Moreover, there are grants for research and development.
Indian and Irish companies are looking for opportunities to collaborate in key knowledge sectors and it is very encouraging to note the increase in conversations between companies of the two countries. Indian companies turning to Ireland shall benefit from the well-developed sectoral clusters there and to gain access to valuable European markets. They are tapping into the highly successful R&D clusters in Ireland to build products suitable for a global audience. Irish companies are also collaborating with their Indian counterparts to access the Indian and SE Asian markets.