The dominance of foreign multinationals in Ireland’s trade sector
Dublin: Foreign multinational corporations dominate Ireland’s trade. New figures released by the Central Statistics Office reveal the picture of the country’s businessmen. Domestic companies claim only 20% (47 billion euros) of transportation, travel services, and export trade, and 13% (44 billion euros) of imports. The rest belongs to large multinational corporations.
The majority of these investments are made by Chinese companies that have exploited the loophole that allowed for new investment, as well as Indian companies that have elevated Ireland to prominence through their service excellence. American investment is not less.
According to statistics, multinational corporations account for 61% of service exports (140 billion). Five big companies account for 47% of total exports (108 billion euros). They are also in charge of imports. They account for 44% of imports and 148 billion euros.
Import transactions worth 263 billion euros are taking place in the country. According to the CSO, all computer services exports totaling €119 billion came from foreign multinational corporations. Multinationals accounted for 80% of service exports and 87% of service imports.
ICT is the country’s most important industrial sector, accounting for 53% of total exports. Services make up 53% of total exports (€121 billion). Imports from the manufacturing sector account for 45% of total imports.
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