Ireland ranked top for FDI but warned over skills

Ireland has been ranked first out of 109 states when it comes to foreign direct investment, but its ability to attract skilled foreign migrants has slipped over the past year, according to new research.

The annual Global Talent Competitiveness Index compiled by HR group Adecco, being launched in Davos today, has found Ireland ranks 16th in the world in terms of its record of attracting skilled workers, down from 10th last year.

Alex Fleming, head of Adecco UK and Ireland, said while the research showed Ireland’s status as a leading location for foreign investment, the country was losing out on further growth by not focusing on training and investment in skillsets.

The research comes as senior figures from the business and political worlds prepare to gather in Davos for the World Economic Forum, a gathering likely to be overshadowed by global economic issues including the refugee crisis and its challenge for labour markets.

Magnet countries

The report also found countries such as Chile, South Korea, Rwanda and Azerbaijan are emerging as “magnet countries” for attracting high-skilled workers. Equally, talent is increasingly being attracted to cities or regions rather than countries, the report states, with Dublin, Silicon Valley and Helsinki still high on the list of destinations for foreign investment and high-skill workers.

Taoiseach Enda Kenny is one of more than 40 heads of state attending this week’s World Economic Forum, and is due to hold a series of bilateral meetings with business and political leaders on Thursday. Senior officials from the IDA, including head Martin Shanahan, will also be in attendance at what has emerged as one of the leading forums for attracting foreign direct investment globally.

Concerns about the Chinese economy and the impact of the lifting of western sanctions on Iran are also likely to shape the agenda. With Iran poised to unleash up to 500,000 barrels of oil a day in the immediate term on to an already over-supplied market, there are fears oil prices could fall even further.

Tumbling oil prices

Brent crude traded near a 12-year low in London, briefly dipping below $28 a barrel, as the lifting of international sanctions on Iran paves the way for increased supply amid a global glut. Futures fell 1.3 per cent after earlier dropping as much as 4.4 per cent in London to the lowest since November 2003. Iran is beginning efforts to boost output and exports by 500,000 barrels a day, said Amir Hossein Zamaninia, deputy oil minister for commerce and international affairs. – (Additional, reporting Reuters)