Camille REGNAULT
N° étudiant: 31518651
Travail encadré de recherche
Foreign Direct Investment in Dublin
Sous la direction ...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Remerciements
Je tiens à remercier tout d'abord...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Table des matières
Remerciements..................
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Introduction
L'Irlande, qui a été durement touc...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
La catégorie dépend du fait de créer totalement...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
1. Multinationals and their FDI have changed th...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
With regards to foreign direct investment, Fran...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Secondly, foreign investors are attracted by th...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
highly adaptable and mobile and foreign investo...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
goods. The economist David McWilliams24
talks a...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Some key actors are impacting on Dublin's econo...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Dublin was ranked world's third best city for i...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
1.2 Value creation and addition
Economists say ...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
workers in Ireland and especially in Dublin whe...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
According to the report of the Public Affairs44...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
FDI gave many people jobs and helped Dublin dev...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
2. Multinationals and their FDI have influenced...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
outputs in order to achieve competitiveness, in...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
In 2016 Dublin City Council has a budget of €80...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
ages of 20 and 29. Departments within Dublin un...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Company, the Dublin Airport Authority, the Iris...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
space to meet Dublin's expanding requirements64...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Investment in Dublin Airport opened Ireland up ...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
(B)
In addition, people appreciate Dublin for i...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
been of 10.7%, which is relatively low. This ca...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Bilan et conclusion
De par ses avantages, l'Irl...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
(C)70
70 (C) Dublin, A breath of Fresh Air, Dub...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Synthèse du mémoire
Suite à la crise économique...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Dans un premier temps, il convient d'étudier le...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
1 .1 De nouveaux acteurs et de nouveaux secteur...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
membres soit contrôlée par l'Union Européenne, ...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Certains acteurs clés influencent également le ...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
facteurs à un moment donné, mais qui si les cir...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Ce sont notamment aux autorités locales et nati...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
L’aéroport de Dublin, ainsi que son port sont d...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Ainsi pour ne pas se laisser dépasser par le dé...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Notes
1. Chiffre de la Chambre de commerce de D...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
given change in a particular input, such as gov...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Bibliographie
Ouvrages
Antoin E.Murphy & Donal ...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Articles
Globalisation a major trend in 2016 De...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Sites internet
Chambre d ecommerce franco-irlan...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Annexes
Annexe 1
Principaux indicateurs économi...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Annexe 2
43
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Annexe 3
Top cities for Greenfield FDI, 2014
44
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Annexe 4
European cities and regions of the fut...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Annexe 6
Start-up and giant companies illustrat...
Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016
Annexe 7
Dublin Airport Arrivals, Indicator 201...
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  1. 1. Camille REGNAULT N° étudiant: 31518651 Travail encadré de recherche Foreign Direct Investment in Dublin Sous la direction d'André Pannier Master 1 LEA Juin 2016
  2. 2. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Remerciements Je tiens à remercier tout d'abord, l'ensemble des personnes avec qui je suis rentrée en contacte pour ma recherche d'informations (l'IDA, la Chambre commerce Francaise en Irlande, l'entreprise Kellogg, ...) Je tiens également à remercier mon enseignant référant Monsieur Pannier pour m'avoir soutenue dans mon travail. Je remercie également Madame Boullet, Maître de conférences à l'université de Lorraine pour ses conseils. Enfin, je tiens tout particulièrement à remercier mes amis du Master pour leur écoute et leur soutien. 2
  3. 3. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Table des matières Remerciements............................................................................................................................2 Introduction.................................................................................................................................4 1. Multinationals and their FDI have changed the economic landscape in Dublin.....................6 1.1 New actors and new sectors.............................................................................................6 1.1.1 Dublin FDI actors............................................................................................6 1.1.2 Sectors development in Dublin.....................................................................10 1.2 Value creation and addition............................................................................................13 2. Multinationals and their FDI have influenced the local society of Dublin...........................17 2.1 Influence on the political stage.......................................................................................17 2.2 A globalised Irish society...............................................................................................22 Bilan et conclusion....................................................................................................................26 Synthèse du mémoire................................................................................................................28 1. L'influence des multinationales et de leurs IDE sur le paysage économique dublinois.......29 1 .1 De nouveaux acteurs et de nouveaux secteurs..............................................................30 1.2 Une création et un ajout de valeur..................................................................................32 2. L'influence des multinationales et de leurs IDE sur la communauté dublinoise..................33 2.1 Une influence marquée sur la politique..........................................................................33 2.2 Une influence marquée sur la population elle-même.....................................................34 Notes.........................................................................................................................................37 Table des Acronymes................................................................................................................38 Bibliographie.............................................................................................................................39 Annexes.....................................................................................................................................42 3
  4. 4. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Introduction L'Irlande, qui a été durement touchée par la crise de 2008, toujours en pleine récession à su pourtant redresser son économie. L'Irlande qui ne semble être qu'un petit pays sur le plan international à pourtant su tourner à son avantage la mondialisation de l'économie. L'économie irlandaise est notamment basée sur les technologies de pointe, les services, le tourisme, mais surtout les Investissements Directs à l'Étranger (IDE), qui ont particulièrement pris de l'importance ces 10 dernières années. L'Irlande, mais surtout Dublin on su s'imposer comme destinations de choix pour les sièges régionaux ou globaux des multinationales, pour y gérer leurs profits, leurs fonctions et leurs portefeuilles associés à leurs activités internationales. Selon la chambre de commerce de Dublin, près de la moitié du PIB du pays1 proviendrait de la capitale et sa population, estimée à environ 1,8 millions d'habitants (dans le «Grand Dublin2 »). Ce chiffre pourrait aller jusqu'à atteindre les 2,2 millions d'ici 2031 selon les estimations3 , ce qui fait de Dublin une petite capitale mais en pleine expansion. Les Investissements Directs à l’Étranger (IDE)4 désignent les investissements par lesquels des entités résidentes d'une économie acquièrent ou ont acquis un intérêt durable dans une entité résidente d'une économie étrangère.5 Selon la définition de l'OCDE, l'entité investissant à l'étranger doit détenir au moins 10 % du capital ou des droits de vote de l'entreprise dans laquelle elle investie. Cet investissement comprend à la fois l'opération initiale, mais aussi toutes les opérations financières ultérieures entre les deux entités. L'entité investissant, acquiert généralement un degré de contrôle et d'influence non négligeable dans l’entité investie. L'entité étrangère peut investir dans une entité ayant la même activité, une activité complémentaire ou une activité totalement différente. Il existe plusieurs types d'IDE, généralement on parle de « green field investment », de « brown field investment » et d'acquisition-fusion. 1 Chiffre de la Chambre de commerce de Dublin 2 Le Grand Dublin (Greater Dublin Area), est le terme qui désigne la région de Dublin, composée de l'agglomération de Dublin et des comtés entourant la ville, c'est à dire Dublin Sud, Dun Laoghaire-Rathdown et Fingal 3 CSO, recensement de 2011, publié en 2013 4 IDE, en anglais Foreign Direct Investment (FDI) 5 Définition de l'OCDE 4
  5. 5. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 La catégorie dépend du fait de créer totalement l'entité dans le pays dans lequel l'investissement est effectué (« green field investment »), de simplement racheter une installation existante pour commencer une nouvelle activité (« brown field investment »), ou d’acquérir une ou plusieurs sociétés afin de créer une nouvelle entité (acquisition-fusion). L'Irlande est très attractive pour ses IDE, notamment de par son régime fiscal attractif et son accès au marché européen6 . Son environnement commercial ouvert et accueillant font de ce petit pays un pays de classe mondiale pour le commerce international. Mais outre les avantages fiscaux, les Investissements Directs à l’Étranger permettent-ils réellement une situation dite de « gagnant-gagnant », où chacun retire des avantages conséquents ? Quelles sont les influences et les conséquences de cette politique d’accueil d’Investissements Directs Étrangers? Comment les IDE affectent et influencent-ils en particulier la région de Dublin, cœur économique du pays? Il s'agira ici d'étudier le phénomène actuel des IDE à Dublin, en essayant d’accéder et d’étudier les données statistiques les plus récentes possibles. Le but de cette recherche à également été d'entrer en contacte avec des organismes, autorités ou entreprises concernées par le sujet afin d'obtenir des informations plus concrètes. La plupart des documents utilisés dans ce travail de recherche ont pu être trouvés en ligne car les organismes irlandais ont une politique de transparence. Les sources utilisées sont des sources officielles et professionnelles. Les données étudiées ont été, tant que possible, recroisées avec des données comparables afin de rendre un travail de recherche le plus fiable possible. A l'aide de l'écriture de fiches bibliographiques et d'un journal de bord rassemblant les informations récoltés, leurs références, ainsi que les interrogations posées, un travail d'analyse et de réflexion a été effectué. Dans un premier temps, ce travail de recherche abordera les changements sur la scène économique apportés par les multinationales et leurs Investissements Directs à Dublin. Dans un deuxième temps, la recherche abordera leur influence sur la société dublinoise et ses habitants. 6 L'Irlande adhèra à l'Union européenne le 1er janvier 1973. 5
  6. 6. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 1. Multinationals and their FDI have changed the economic landscape in Dublin Ireland's stock of foreign direct investment is five times greater than the OECD average7 , according to the IDA Ireland. Ireland has been attracting foreign companies for years now and this tendency has had some effects on the economic landscape in the Irish capital. Dublin, indeed, seems to have faced some economic and social changes. According to the COFACE agency's analysis8 , Ireland and the city of Dublin have increased their competitive performance thanks to new actors and new sectors introduced into their economic landscape. This state seems to have some effects on innovations, Research and Development and on the exports development. The consequences of this new economic landscape in Dublin appear, firstly, as a financial and human gain, because of the creation new companies and jobs, and thanks to new dynamic economic sectors. But, secondly, these external relations developed on economic purpose, can be a danger for the city, which by relying too much on Foreign Direct Investments for its development, can increase its dependability with foreign capital and foreign companies. However, the current policies show that the region9 wants to focus on FDI based on a win-win approach. 1.1 New actors and new sectors 1.1.1 Dublin FDI actors In 2014, the main FDI investors in Ireland, according to their geographical breakdown, were from Luxembourg, the United Kingdom, the Netherlands, the United States and from France10 . 7 OECD statistics data base, http://stats.oecd.org/ 8 COFACE is a French based international credit insurer. 9 Dublin City Council, the authority responsible for local government in the city of Dublin in Ireland. 10 Central Statistics Office, Foreign Direct Investment 2014, (annexe) 6
  7. 7. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 With regards to foreign direct investment, France remains far behind the United States, with 5% of FDI, but accounts for around 130 establishments, employing about 13,000 people11 . These investors seem to be mainly attracted by the four cornerstones of Ireland's FDI success:Access to the European market, A comprehensive Tax offering, Access to a pool of appropriate talent and legal certainty and ease of doing business. Firstly, investing in the Irish capital allows foreign investors to access the European Internal Market. According to the survey of the Economist Intelligence Unit12 , for 46% of respondents and interviewees, named the 'access to the EU market' as one of the most important factors for investment, as investors are coming from the United States, but also China, Japan and India for example. By locating their companies in Ireland, investors can benefit from barrier-free access to over 500 million consumers in Europe. According to the American Chamber of Commerce Ireland13 , Ireland is one of the prime destinations of US FDI (and Dublin is the first and main city concerned) and Ireland now accounts for nearly 20% of all new US investment flows to Europe. At the end of 2014 U.S. direct investment stock in Ireland was a record $310 billion and US investment flows to Ireland surged to a record $58.1 billion in 2014. More than 700 US companies are based in Ireland and employ more than 130,000 people. The City of Dublin hosted the Ireland – US Sister Cities Mayor’s Summit14 in April 2016. The Summit, identified projects and actions that cities can take together to improve business, education and social justice. The summit focused on celebrating the historical ties between Irish and USA civic society, business, cultural and education institutions. Some 200 US city mayors, business, education and youth leaders, attended the event. This summit put the City of Dublin at the heart of these exchanges. 11 French Ambassy in Ireland, Economic and trade relations, 2014 12 Economist Intelligence Unit, A survey of foreign direct investors, 2012, p4 13 The American Chamber of Commerce Ireland, Irish US Economic Relationships 2016, p13 -p19 14 http://www.dublin2016.ie/, the event was organised by Dublin City Council's International Realtions Section with support from the Dublin Chamber of Commerce and the San Jose twin sister organising committees. The theme of the conference was Independence & Interdependence 7
  8. 8. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Secondly, foreign investors are attracted by the comprehensive tax offering. Investors can benefit from a low corporate tax rate of 12.5%15 . Moreover, Ireland is known for its transparent corporation tax regime and its rapidly growing network of international tax treaties. Companies can also benefit from a 25% R&D tax credit, and a good system of intellectual property. The first investors in Ireland are from European countries, but American investors are also very active in Ireland. The system of 'tax inversion' is really attractive to mainly American companies. It allows a company to shift profits to the lowest tax jurisdiction in a merger. It is usually structured in a way to make the smaller entity look like the bigger takeover party. It was mainly designed to reduce legally tax obligations in the US. A deal has been made at the end of January 2016 between the American company Johnson Controls16 and the Irish company Tyco International to complete a merger-acquisition of nearly €2bn. The new group will establish it head office in Dublin and will benefit from a lower corporate tax rate than in the US. The Irish low corporate tax rate seems to have a determining influence over a number foreign companies. Some US tech firms such as Amazon, Apple or Facebook are located in Dublin and have already been at the centre of the media attention over their tax strategy. All trading income are taxable at 12.5%, but this tax could be limited by a tax harmonisation policy within the European Union and would thus limit the attractiveness and the certainty of the Irish corporate tax system. Nevertheless, EU member States own their tax sovereignty, and this right is not supposed to be infringed. Moreover, the Irish government has repeatedly reaffirmed its commitment to the 12.5% rate in order to attract further inward investment. Thirdly, they benefit from a pool of talent. Ireland, and moreover the city of Dublin, have a high percentage of third level graduates17 , better than UK, US and OECD averages. Dublin City University, Trinity College Dublin, University College Dublin, some Schools and Institutes of Technology are located in Dublin. According to statistics, the population is predominantly a young work-force, as the median population age is 35, the lowest in the EU18 . The population is also 15 Pricewaterhousecoopers, Corporate tax rates comparison graphic, 2015 (annexe) 16 According to Eire Eco 1Janvier- 31 Janvier 2016, services économiques de Dublin, Trésor Direction général 17 OECD statistic data base, http://stats.oecd.org/ 18 OECD statistic data base, http://stats.oecd.org/ 8
  9. 9. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 highly adaptable and mobile and foreign investors can benefit from this work-force by investing in Dublin, the economic centre of the country. In addition, Dublin is an English-speaking city, where a high percentage of young graduates learned a second language. This element is an asset as the language for global business is known to be the English language. It also facilitates English speaking investors, from the US or the UK for example, to access to the city. Finally, foreign investors can benefit from legal certainty and ease of doing business. Ireland is ranked by Forbes19 as one of the best countries in the world to do business and has been placed 17th out of 189economies in an international ranking looking at the ease of doing business20 . The ease of doing business has been enhanced by the Companies Act 201421 that ensure a modern company law regime. It can take approximately two to three weeks for a company to be incorporated or five working days under an express incorporation scheme. The stability and the certainty of the country is also a key factor in FDI. The country is not seen by the international community as a country at risk22 This factor attracts FDI in Dublin. But some questions can be asked over the UK's EU referendum on Tuesday 23 June 2016. The Brexit raised many questions among the international community. For some, Brexit would be negative for Ireland, but for others, Ireland may benefit from increased FDI after Brexit.On one side, if UK votes to leave the EU, it will mean less opportunities for Irish exports as UK is the destination for 20% of all Irish services exports and 14% of all Irish goods exports23 . That means that Dublin could be less attractive for new investors as there would be less opportunities for some markets. On the other side, Ireland would be the only remaining English-speaking member in the EU, which is an important factor for companies to establish a base in Europe, where investors can benefit from free movement for people, services and 19 Ireland is ranked 4th country in the world to do business, according to Forbes ranking, http://www.forbes.com/best-countries-for-business/, 2016 20 http://francais.doingbusiness.org/data/exploreeconomies/ireland#close, Doing Business 2016, 2016 21 The Companies Act 2014, came into force on 1 June 2015 22 Ireland is marked A3 for its country risk and A1 for its business environment by COFACE, http://www.coface.com/fr/Etudes-economiques-et-risque-pays/Irlande, 2016 23 According to the National Treasury Management Agency, Business Post, NTMA says Brexit would be negative for IRL, http://www.businesspost.ie/ntma-says-brexit-would-be-negative-for-ireland/, May 18, 2016 9
  10. 10. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 goods. The economist David McWilliams24 talks about a 'pro-Brexit pro-EU' point of view, where Ireland can benefit from the UK leave by profiting from its own EU membership. But Dublin, need to be ready to welcome these new investors and companies and one of its main problem could be the shortage of office in Dublin25 . However, the Irish government has only just reached the point of forming a minority government and does not really seem in a position to develop a strategy for a post- Brexit world at the moment. But maybe the authorities of Dublin will be able to react to this change. Anyhow, dialogue stays of crucial importance in strengthening bilateral economic relations over the longer term and with all of these factors and advantages, foreign investors and companies are pushed to invest in Dublin and in the Irish economy more than ever. Dublin attractiveness for FDI has helped the development of some sectors. 1.1.2 Sectors development in Dublin For multiple reasons, Dublin attracts FDI. Dublin welcomes nine out of the top ten global Information and communications technology (ICT) corporations, nine out of the top ten global pharmaceutical companies, thirteen out of the top fifteen global medical technology companies and 50% of the world's leading financial services organisations26 . FDI in Dublin appear to be particularly strong in some sectors such as software engineering, technology, bio-pharmaceutics, internet, med technology, international financial services and business services and the Ireland's FDI policy to 202027 aims national to support these sectors to build on Ireland's FDI strengths. The Ireland's FDI policy to 202028 , also aim to build a sustainable and diverse FDI portfolio and wants to develop new market segments (such as smart ageing, spot and nutrition or smart grips sectors), and sub sector (such as therapeutics, novel materials, middle-ware or orthopedics sectors). 24 David McWilliams, economist, broadcaster and author, http://www.davidmcwilliams.ie 25 Ryan McGRath, Ireland may need to rethink its place in EU, Irish examiner, May 03, 2016 26 Matheson, Doing Business in Ireland, 2015, p8 27 Department of jobs, enterprise and innovation, Policy statement on FDI in Ireland, July 2014, p9-10 28 Department of jobs, enterprise and innovation, Policy statement on FDI in Ireland, July 2014, p9-10 10
  11. 11. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Some key actors are impacting on Dublin's economy. Dublin is attracting Multinational Corporations (MNC). Over 1,000 MNC29 have chosen Ireland as their strategic European base. This leads to a cluster of MNC in Dublin. And this track record acts as a multiplier effect by attracting further more companies to invest in this environment. The more major companies are investing in Dublin, the more foreign companies want to invest in the city. In the tertiary sector, major US tech firms, such as Amazon, Ciscon, Facebook, Apple or Dell, placed their European head office in Dublin. These major companies are a good advertisement to attract FDI. In the Medica technology industry, for example, the firm Abott established its Pharmaceutical division, Med Optics and Laboratories Ireland Ltd in Dublin, while some other divisions are located in Donegal, Sligo, Longford, Cavan and Mayo. This company received the Shingo gold award, a prize for operational excellence30 . This sector now count more than 300 companies in Ireland, up from 50 in 1993. In addition, this sector is highly involved in R&D as ongoing significant R&D investments come from companies in this sector. The software engineering sector is also a major sector in the Irish economy. According to fDi Magazine31 , Dublin moved up the rankings from fifth in 2015 to third place in a list of 'European Cities and Regions of the Future 2016/2017', the report also said that the sector attracted more than 45% of all Dublin's inward FDI between 2010 and 2014. About the technology sector in Dublin some event talk about the emergence of the EU's Silicon Valley. But some others are concerned about a possible technology bubble, which could strongly affect the city of Dublin if this technology bubble bursts. All of these sectors, in particular in the tertiary sector, are fostering innovation in the Irish capital as these companies need to stay at the cutting edge of world-class technology to stay competitive in their market. Intel, for example, which has been settled in Dublin for twenty-seven years, highly invests in R&D and collaborate closely with the research institute of Trinity College Dublin32 . In addition, 29 IDA, Tax guide, 2015, p 3 30 http://www.abbott.ie/contact/ 31 Financial Times publication, fDi Magazine : a survey of 294 cities, 2016 32 Intel, http://www.intel.ie/content/www/ie/en/company-overview/about-intel-ireland.html [18 May 2016] 11
  12. 12. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Dublin was ranked world's third best city for innovation, livability and capacity to reinvent, this year, behind London and Silicon Valley33 . The construction sector is also highly requested as the level of FDI and the number of new companies settling in the city reflects a need for office buildings. But, the question over the effects on the industrial structure of Dublin by the attractiveness of Dublin for the MNC can be asked. FDI help diversify the city industrial structure by attracting new industries and sectors but it also seems that most of FDI are made in the same kind of sectors. French investment in Ireland, for exemple, while it continues in financial services, high tech, and utilities (environment, energy), it is, on the contrary, contracting in traditional industries34 . The lack of diversity in FDI could be a threat for Dublin as diversification reduces volatility or risk35 . FDI in Ireland, and especially in Dublin, have changed the economic landscape thanks to new actors and new sectors development of improvement. But we should not forget that investment can be mobile investment, as investors could decide to relocate their activity in another country. By now the Irish market has been really attractive to FDI because foreign investors are satisfied by what they find in Ireland and in Dublin. 'Companies are mobile at a much earlier stage in their life-cycle and need multi- territory presence for growth. Entrepreneurs are searching for optimum start-up location from which to grow global businesses and want to be part of an ecosystem that provides access to skills, fiance, innovative suppliers and customers'36 Last year (2015) alone, the IDA had a record year, announcing 19,000 new jobs. National and local policies encourage FDI because it seems to create and add value to the economy. 33 The City Momentum Index, the rise of the Innovation-Oriented City, 2016 34 France Ireland Chamber of commerce 35 Elton, Gruber, Modern portfolio theory and investment analysis, ninth edition, 2014 36 Department of Jobs, Enterprise and Innovation, Policy statement on FDI in Ireland, July 2014 12
  13. 13. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 1.2 Value creation and addition Economists say that FDI in Ireland has allowed the country to recover after the 2008 economic crisis. After six years of budgetary austerity and Ireland GDP stagnation in 2013 (+0.2%)37 , Irish economy surged ahead with 4.8% growth in 2014. This comes with the strengthening ties between Ireland and its economic partners. Nevertheless, these figures are highly volatile, firstly because of the small size of the Irish economy and secondly, because of the presence of Multinational Corporations in the pharmaceutical and new technologies sectors, which are highly sensitive to the economic context. Beside the momentum for growth, FDI seems to have created employment in Ireland and moreover in Dublin. According to the IDA Ireland38 ,in Dublin, the number of jobs in IDA supported companies in 2014 is 70,989. This is a growth of 5.5% between 2013 and 2014. This is a great success because the Dublin Action Plan for 2012 put in place targeted the creation of 66,000 jobs in 2012. The IDA Ireland announced the creation of 15,012 new jobs in 2014 in its supported companies, with a net increase of 7,131 jobs. Facebook, for example, announced that it is creating 200 full time jobs at international headquarter in Dublin. Opened in 2009, Facebook's international headquarter in Dublin, has transformed from a small team of thirty, growing to almost 1,500 as the 200 new posts will be filled by the end of the year39 . Paypal also announced this year the creation of 100 new jobs in Dublin40 . At the same time, Dublin is also facing the lowest unemployment rate of the country as it is the economic centre of the country. At the first quarter of 2016, the rate of unemployment was 6.9% in Dublin and 8.4% in Ireland41 . The FDI and the Irish policies seem to be effective in the job creation and growth, but employees could suffer from the race for a greater competitiveness in a global business environment. In order to attract FDI, Ireland relies on the adaptability and flexibility of its workforce, but this constant demand in flexibility could weaken protections for 37 According to the French National Institue of Statistics and economic Studies (INSEE), insee.fr [18 May 2016] 38 IDA Ireland, Repport & account, 2015, p 6 39 Facebook, https://www.facebook.com/careers/locations/dublin/ [18 May 2016] 40 IDA, press release, Paypals announcement of 100 new jobs in Dublin, 3 March 2016 41 Dublin Dashboard, Report, Q1 2016 13
  14. 14. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 workers in Ireland and especially in Dublin where the level of FDI is particularly high. Across the EU, States tend to restructure social security systems and adult training and education provision is declining and the 'workfare'42 approach is gaining ground. This is why the government would like to foster long-term and mid-term value creation to allow structural improvement in the society and to keep the recovery going by creating jobs on a sustainable basis. This is also why it is important to know what kind of investment is made in Dublin. Greenfield foreign direct investment( FDI) can bring benefits to the city while Merger and Acquisition (M&A) FDI could have little help as investors target an existing local company and do not seek to create as much as investors who start a new venture in Dublin by constructing new operational facilities and thus, create more growth. On the other side, M&A could help Dublin gaining new capital and foreign knowledge. Jobs are also created in the construction sector. As a multiplier effect, FDI do not attract only other investor but they also develop the economy locally. When an investment is made in Dublin the creation or the growth of a company needs local companies for local services or goods such as the food for the canteen. Moreover, the IDA Ireland estimate that around 10,000 people were employed in a construction project of its supported companies in Ireland. When creating FDI projects, a company needs, indeed, an office or a building to establish its head-office. This does not seem to be only land grab in Dublin, as it create employment, and local projects such as the project to develop Dublin docklands site for the modern business hub of Dublin's international financial services centre. The Docklands has been transformed into an innovative built environment and a uniquely modern area in which to do business. In this context, it may still be noted that Ireland has been ranked as one of the top-ranking destination by quality and value of investments projects by IBM's 2015 Global Locations Trends report43 . Dublin seems, nonetheless, to attract high-value foreign direct investment projects. 42 According to the definition of the Cambridge dictionnary, 'workfare' means : ' a government program under which people who receive welfare (=money from the government) and are able to work must work' 43 IBM, Global Location Trends report, 2015, p7 14
  15. 15. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 According to the report of the Public Affairs44 , attracting FDI in Ireland and moreover in Dublin has a win-win effect for the region and investors. In fact, they argue that for every job directly created in Ireland by FDI, a multiplier effect45 of around two applies. According to them, companies who invest in Ireland support the domestic industry and encourage others to join the cluster in a virtuous effect for the FDI segment and the indigenous industry by creating more jobs and growth. But the cluster effect of Multinational Corporations or companies in certain sectors in Dublin, could also foster the dependability of Dublin over foreign investors and companies. The debate is over the theory of Dublin's 'over-reliance' on FDI. Even though, the economist David McGreal points out that in an open economy investments are easy to win easy but are also easy to lose. If Ireland become complacent investment projects that take place in Dublin could find another location to develop. These investment can be termed as 'mobile investment', that means that another location could have been chosen over Dublin at the time of establishment, or if conditions change, they could relocate to another destination. This is why the global competition is so strong. Beside the growth and the creation of job Dublin can also profit from the taxation system. Foreign companies are attracted by Ireland's corporate tax system. Even if the tax rate is relatively low compared to other countries in Europe or even in the world, this corporate tax system attracts companies above all Multinational Corporations such as Facebook or Google. This can be seen as a return on investment for the city as the money collected nationally is redistributed locally for counties development in Ireland. After all, the value creation does not concern only the money or employment. The context of FDI in Dublin, pushes foreign and local companies to change and adapt their strategies to stay competitive and offer what investors and Multinational Corporations are looking for in Dublin. FDI put new market opportunities for companies. Organisations can find strategic partners through FDI in order to set-up and grow. 44 Public Affairs Ireland, Focusing on FDI is a win-win approach, July 2012 45 According to the definition of the Oxford dictionary, 'multiplier effect' means : 'A phenomenon whereby a given change in a particular input, such as government spending, causes a larger change in an output, such as gross domestic product' 15
  16. 16. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 FDI gave many people jobs and helped Dublin develop. Dublin development has taken a strategic turn by fostering FDI projects. On one hand, FDI help the city creating value and adding value to the society and foster human development. But on the other hand, this strategy could also contract investment in indigenous firms. The dependability of the economy might be at stake. 'Small countries like Ireland, are more at risk of capital flight, and perhaps looking closer to home might be a safer, albeit slower, option'46 , McGreal said. For him, the best option could be a good combination of fostering FDI and supporting domestic enterprises. Nevertheless, the job creation is real and tangible and FDI have a huge impact on the economy, the city, its system, its plans and firms' and local organisations' strategies. The city of Dublin has found a strategy to attract new companies and new sectors in its economy by fostering Foreign Direct Investment. As a consequence, the competitiveness of Dublin seems to have increased as it has encourage and feed innovations and Research and Development. It has also encourage other local and foreign companies, to invest in Dublin or to expend their business in the city. The consequences of this attitude are financial and human gains. The FDI helped growth and jobs creation on one hand and on the other hand it has brought a new economic dynamic. But, these external relations developed on economic purpose, can be a danger for the city, which by relying too much on Foreign Direct Investments for its development, can increase its dependability with foreign capital and foreign companies. However, current policies show that the Government and local authorities want to foster high-value creations and projects while continuing to attract Foreign Direct Investment in Dublin. FDI in Dublin has, thus influence politics and plans in the city. It has also influenced the society as a whole. 46 David McGreal, economist 16
  17. 17. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 2. Multinationals and their FDI have influenced the local society of Dublin Attracting Foreign Direct Investment has been a huge challenge for Dublin. The city needs to stay attractive to foreign companies and investors, but at the same time, local authorities should not forget the impact of FDI on the local society. For the Dublin Chamber of Commerce it is important to invest in the future. Investing in the future means investing in developing industries and companies to foster the economy, but it also means investing in people and in their standard of living and quality of life. The Government and local authorities has influenced the decision of foreign investors to invest in Dublin by their policies, and these authorities has also been influenced by these Foreign Direct Investment in return. Encouraging FDI in Dublin does not only bring financial and employment opportunities, it also raises political responsibilities. The growth47 of the city needs, indeed, to be supported and supervised in order to take advantage of its beneficial effects, such as an increase in dubliners' standard of living. Moreover, FDI has influenced the local society of Dublin, the way people live. Dublin has gain importance on the international stage as a global capital. 2.1 Influence on the political stage Dublin is still recovering after the 2008 crisis, even though figures are better than any economy can expect in such a short period, the good performance of the economy needs to be strengthened. In order to do so, the Irish economy counts on the development of knowledge, its pool of talent, its firms, its business environment and its infrastructure48 . The National Competitiveness Council currently uses a pyramid49 to outline the framework within which it adresses Ireland's competitiveness and thus its supposed political outline. Sustainable growth in living standards (the fruits of competitiveness success) is at the top of the pyramid. Below this, are the key policy 47 The growth of the city here refers particularly to its size, its financial importance and its importance on the international stage. 48 Pyramid : Competitiveness Framework, National Competitiveness Council, 2016 (annexe) 49 See diagram (A) 17
  18. 18. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 outputs in order to achieve competitiveness, including business performance, costs, productivity, and employment. These outputs can be seen as the metrics of competitiveness. Below this, in the third tier, are the policy inputs covering four pillars of future competitiveness: the business environment (taxation, regulation, and finance), physical infrastructure, clusters and firm sophistication, and knowledge and talent. Finally, the essential conditions for competitiveness can be found at the base of the pyramid, these foundations are based on institutions, macroeconomic sustainability, and endowments. (A)50 50 (A) Pyramid : Competitiveness Framework, National Competitiveness Council, 2016 18
  19. 19. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 In 2016 Dublin City Council has a budget of €803.6 million or €1,523 per person51 . The Dublin City Council and local authorities wants to develop a better business environment and a better city to live & work in. Dublin Council launched the Smart City Programme in order to engage smart technology providers to solve challenges and improve city life52 . Firstly, IDA and Dublin Chamber are working together to develop strong relationships to promote and ensure FDI by providing an aftercare programme of supports and services. Closer collaboration and coordination between relevant agencies can deliver increased economic benefits overall. Secondly, the development and implementation of enterprise needs to be supported by related policies, regulations and state investments that create attractive environment and place from which to do business53 . Dublin City Council's Development Plan will shape the future development of the city. Planning is, indeed, needed to remain competitive and provide sustainable growth and employment. This plan seeks to manage and handle the greater density and height of Dublin now and in the future. It also seeks to develop infrastructures, housing, commercial space and strategic zones in a long-term vision. This plan could make Dublin a more attractive location in which firms can operate. However, Dublin remains a relatively high cost location and, therefore, addressing its cost competitiveness should remain a key economic priority as-well. Maintaining fiscal sustainability and broad tax base; supporting structural reform, innovation, and productivity; and growing enterprise and export base will remain significant challenges for Irish policymakers. One attraction for Foreign Direct Investment might be the pool of talent in Dublin population. Ireland is ranked fourth for the availability of its skilled labour force54 . Ireland is also ranked third in the European Union for the proportion of graduates in the fields of science, mathematics and computer science between the 51 According to the website http://localauthorityfinances.com/average/7/ , brought from publicpolicy.ie an independant think tank whose goal is to promore better economic, social and environmental policies, [June 2016] 52 This collaboration aims to engages technology providers to create practically applicable systems to bring about improvement in areas suche as traffic management, flood detection and waste disposal. 53 Department of jobs, enterprise and innovation, Policy statement on FDI in Ireland, July 2014, 30p 54 IMD World Competitiveness Yearboook, 2016 19
  20. 20. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 ages of 20 and 29. Departments within Dublin universities, schools or Institutes of Technologies are made to foster and improve skills in the fields of science, engineering, computing, management, digital media, and advertising and marketing communications. All these fields are particularly relevant regarding sectors in which FDI are made. Dublin universities, schools and Institutes of Technology have also developed full time and part time programmes to foster students and mature students. The Institute of Technology Tallaght, in Dublin is a good example of these measures55 . Another major aspect of FDI consequences is the infrastructure development. Over the past twenty-four years, the Greater Dublin Area56 's population has grown 38% from 1.34 million to 1.8 million today57 , and this figure is set to grow to 2.2 million by 2031. This is why infrastructure and moreover transport are so important for the future of Dublin. Without significant exchequer investment in transport, the city will become increasingly congested, and lose out to further investment in enterprise. Investing in transport is, for the Dublin Chamber, an investment in the future. The national Transport 21 plan58 sought to develop transport and infrastructure in Ireland. The Luas59 lines and the DART60 lines in Dublin have been extended61 since then. Dublin City Region’s transport network maintains investment to upgrade the existing stock to improve frequency and reliability, focusing on integrating the network, and embedding technology within the system to improve the user experience. This mobility challenge is one of the key factors that influence investors' decision on where to locate their investment. The Dublin Chamber considers Dublin as an international and national gateway62 that needs a long-term transport strategy in which the National Transport Authority, the Dublin Port 55 Institute of Technology Tallaght, http://www.it-tallaght.ie/ , [June 2016] 56 The Greater Dublin Area refers to the Dublin urban area and nearby suburban. 57 CSO.ie, Census 1991 compared to Census 2014 58 Transport 21 is a capital investment frameork under the National Development Plan through which the transport system in Ireland will be developed, was announced in 2005 but due to economic decline the project was cancelled nationally in May 2011, but Dublin is still active in this plan (e.g. : the Luas development) 59 The Luas is the name of Dublin tramway. 60 The DART system (The Dublin Area Rapid Transit) is an electrified rapid transit railway network serving the coastline and city centre of Dublin. 61 Luas Cross City construction commenced in June 2013 and it is scheduled to be in operation by the end of 2017. 62 A City Region on the move : strenghening Dublin's Access to Markets and Opporunities, Dublin Chamber of Commerce Report, June 2012, 14p 20
  21. 21. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Company, the Dublin Airport Authority, the Irish Aviation Authority, the Commission for Aviation Regulation, Dublin Bus, Bus Éireann, Irish Rail, the Railway Procurement Agency, and the National Roads Authority must be involved. But, according to the World Economic Forums63 ,Ireland appears to have an underdeveloped transport infrastructure. When compared to main FDI competitors, Ireland is ranked below in almost all infrastructure categories of the report. Nevertheless, Dublin Airport, for example, has evolved a lot to strengthened connectivity with emerging long distance markets. Concerning the Port of Dublin, investments have been made to focus on securing new deep-water berths to facilitate larger ships, to further develop container rail freight services within the Port, and to improve land-side facilities. Transport has a strategic economic, social and environmental importance for Dublin, impacting on the development of FDI and the welfare of the population. Efficient transport systems should provide economic and social benefits that result in positive multipliers effects such as better accessibility to markets, employment and investment opportunities. The delivery of additional capacity in commercial space, hotels and housing is also a key factor for FDI in Dublin. Two types of Zones have been developed within the city to foster investment and economic activity. Strategic Development Zones (SDZ), on one side, offer a way of speeding up the delivery of urgently needed additional commercial space, hotel and housing. For example, the Docklands SDZ has the capacity to yield one million square feet of commercial floor space according to the Dublin Chamber. The scheme ensure that an office can be built in around eighteen months, one planning is approved. On the other side, Strategic Development Regeneration Areas offer potential in the same way. With the international inward migration and a higher birth rate, the city has seen its population grown in the Greater Dublin Area and Dublin is trying to catch- up, due to significant under-investment in infrastructure during the economic downturn. But at the same time the city is facing issues regards to housing and office availability. According to the Dublin Chamber, there is insufficient commercial 63 Global Competitiveness Report 2014 21
  22. 22. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 space to meet Dublin's expanding requirements64 . That means that companies seeking to set up offices or establish headquarters in the city have very few options from which to choose. The delay to access to a space office is unacceptable for most companies and they could choose to move elsewhere. One solution for Ireland development is a consequent development plan for the city of Dublin in order to attract FDI, but it might also be interesting to consider other Irish cities. Dublin is a magnet for Foreign Direct Investment, but this situation leads to regional inequity in job creation. Using regional facilities and infrastructure might be an option to attract FDI and reduce gaps between the capital and the rest of the country. Unfortunately, questions can be asked over the difficulties to form a government majority after general election in February 201665 , and over government priorities. Local and national authorities play a significant role in the attractiveness of Dublin for FDI. This trend has not only influence authorities, but it has also influence the society in itself, its culture and its population. 2.2 A globalised Irish society Dublin's population is increasingly multicultural66 . In fact, there were twenty five towns where more than one in four residents were non-Irish nationals. Dublin has become a great European city of culture and diversity. Moreover, Multinational Corporations (MNC), such as Amazon, Google or Apple settled their European head- office in Dublin. People from around the world are attracted by this city. Dublin Airport has become an essential key factor in FDI development as it is a significant international gateway for the city and the country. “... the strategic importance of Dublin Airport extends far beyond its geographic catchment area and its future is critically bound up with the Irish economy e.g. inward investment, tourism, trade etc. This strategic importance is also reflected in the nature and extent of the competition that Dublin Airport faces.” Department of Transport, Tourism and Sport, May 2014 64 Between Dublin Zone D2 and D4, for exemple, only 600,000 square feet were being developed between 2014 and 2016 and 40 % of this space has already been reserved, according to the Dublin Chamber. 65 Irish leaders took almost two months to agree on a Government. The gverning party, Fine Gael, is expected to lead a minority administration, with the tacit support of its main rival, Fianna Fail. 66 CSO.ie, Census 2011 22
  23. 23. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Investment in Dublin Airport opened Ireland up to global opportunities and positioned the city to win Foreign Direct Investment. Dublin Airport is currently providing direct service from Dublin to New York, London, Los Angeles, Paris, Chicago, Dusseldorf, Washington DC, Moscow and Amsterdam. All of these cities are of strategic importance because main investors come from these areas or can fly directly to an international airport. Dublin Airport authorities also plan to link top 20 cities such as Tokyon, Shangai, Bejing, Shenzhen, Tianjin, Dallas, Sao Paulo, Chongqing, Mexico city and Guangzhou by 202567 . According PrisewaterhouseCoopers, an increase in supply of intercontinental air service can influence the increase in the number of large firm headquarters located in the corresponding urban areas. Air connectivity would be one of the most important factors affecting location decisions when doing business. The impact of the airport gateway does not only impact on foreign companies, it also impact on the FDI level and on the population. The graphic below68 , published in April 2015 by Dublin Airport, shows that the growing importance of Dublin on the international stage foster growth and employment, not only directly, but also indirectly by a multiplier effect. 67 Source: Prepared by InterVISTAS Consulting Ltd, Dublin Airport Economic Impact Study, April 2015, 102p. 68 See diagram (B) 23
  24. 24. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 (B) In addition, people appreciate Dublin for its quality of life, but the city is ranked among the most expensive cities in the world69 . However, in 2014 the nominal median annual equivalised disposable income has had an increase of 3.8% on the nominal 2013 value. But the growth of the city has had a significant effect on rents and office availability. The issue of housing is crucial for native Dubliners and new arrivals alike. For incoming talent, the affordability and availability is particularly important. According to the Dublin Chamber, house prices grew by 29.4% since January 2014 and the vacancy rate over the last three years has only 69 Source Savills and Datawrapper (B) 24
  25. 25. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 been of 10.7%, which is relatively low. This can explain the rents hike. The development of the firm Airbnb in Dublin has also been point out to be one factor of rising rents. Berlin has recently forbidden the establishment of Airbnb in the city because of its effect on rents. Concerning office space, FDI firms tend to be good payer compared with indigenous firms. This might have the effect of forcing workers in the latter towards periphery as rents tend to hike in the city centre. FDI tend to form clusters in the city centre, where FDI firms can find special zones to establish, like the Docklands. In addition, research from the Economic and Social Research Institute (ESRI) showed that 70% of new office leases in Dublin in 2015 had been agreed by foreign firms. FDI firms invest, thus, in real estate, but the development of the city does not deal quickly enough with housing and office issues. The shortage of availability conducts to a rents increase, and thus, to a loss of competitiveness for the city. The challenge of attracting Foreign Direct Investment in Dublin has influenced authorities in charge, as well as the development of Dublin society in order to reach its potential and develop opportunities. But as a small but global city, and as the capital of Ireland the city has to face issues concerning infrastructure and standards of living. Beside its issues Dublin authorities need to take into consideration social inclusion and the environment to tackle rapid growth issues. Poverty or risk of poverty, drug abuse, corruption and green issues usually come along with the intense growth of a capital and authorities should not minimise these elements. The objective of a thriving city should be at the heart of this Development Plan,providing sustainable environment and infrastructure, not only to attract FDI, but also for the good of the community. 25
  26. 26. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Bilan et conclusion De par ses avantages, l'Irlande à su attirer les Investissements Directs Étrangers, notamment dans la capitale, cœur économique du pays. Mais que retirent réellement chacun des acteurs de ce phénomène? Comment les IDE affectent et influencent-ils en particulier la région de Dublin? La ville de Dublin, qui attire plus d'IDE que le reste du pays, semble en tant qu'économie émergente au sein de l'Union Européenne, être particulièrement compétitive au niveau mondiale. La stratégie irlandaise pour attirer les IDE à Dublin a permit d'attirer de nouvelles entreprises, notamment de grandes multinationales, mais a aussi permit de développer de nouveaux secteurs économiques porteurs. Ces activités créent un dynamisme au sein de l'économie irlandaise et dublinoise, et notamment par le développement de la recherche et des innovations. Ce dynamisme à des conséquences financières mais aussi humaines, car ces secteurs sont créateurs d'emplois et dynamisent la croissance. Mais donner plus de contrôle aux entités étrangères en favorisant les IDE peut également augmenter la dépendance de la ville vis-à-vis des pays et marchés étrangers. C'est pourquoi la société dublinoise est influencée au niveau politique mais aussi au sein même de sa communauté. Les autorités, organismes et entreprises dublinoises ont du s'adapter à la venue des Investissements Étrangers afin, dans un premier temps de rester attractif pour les investisseurs, mais également pour que les dublinois puissent jouir pleinement des avantages apportés par ce dynamisme économique. Les questions des inégalités régionales entre Dublin et le reste du pays, de la pauvreté, ainsi que les problématiques autour de l’environnement, sont encore des enjeux, inévitablement conséquents au développement et à l'enrichissement des capitales, dont Dublin ne semble pas encore s'être donné entièrement les moyens de gérer. On peut se demander si les ambitions de la ville de Dublin ne dépassent pas ses capacités actuelles et futures. Pour ne pas se laisser dépasser par la vitalité du développement de son économie, la capitale irlandaise devra se donner les moyens d'une capitale de rang mondiale. La petite capitale irlandaise semble pourtant savoir tirer profit de ses avantages en se différenciant au niveau international. 26
  27. 27. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 (C)70 70 (C) Dublin, A breath of Fresh Air, Dublin City Council 27
  28. 28. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Synthèse du mémoire Suite à la crise économique de 2008, l'Irlande a dû faire face à de grandes difficultés économiques et financières. Le pays semble pourtant avoir su profiter des ses atouts pour redynamiser son économie. L'Irlande s'est notamment appuyée sur sa capacité à attirer de nouvelles entreprises, des nouveaux secteurs porteurs, mais surtout des Investissements Étrangers. Dans un contexte économique toujours fragile, l'Irlande, mais surtout Dublin, tentent de s'imposer comme destinations de choix pour les grandes entreprises européennes et internationales. Dublin, qui attire la plus grande partie de l'activité économique du pays, n'est qu'une petite capitale de près de 1,8 millions d'habitants71 . Pourtant la ville ne cesse de se développer et de croître. La capitale irlandaise est devenue un aimant pour les Investissements Directs Étrangers, dont sa localisation permet un accès libre au marché européen. Les Investissements Directs à l'Etrangers désignent les investissements par lesquels des entités résidentes d'une économie acquièrent ou ont acquis un intérêt durable dans une entité résidente d'une économie étrangère. Le seuil des 10 % de capital ou de droit de vote acquis d'une entreprise doit être atteint pour que cela soit considéré comme IDE. L'investissement peut permettre à une entité, soit de créer totalement une nouvelle entité dans un pays étranger, soit de racheter une installation existante pour commencer une nouvelle activité, soit d’acquérir une ou plusieurs sociétés afin de créer une nouvelle entité à l'étranger. L'environnement commercial et financier irlandais très ouvert et accueillant font de ce petit pays un pays de classe mondiale au niveau de l'économie mondiale. Mais outre les avantages fiscaux, les Investissements Directs à l’Étranger permettent-ils réellement une situation dite de « gagnant-gagnant », où chacun retire des avantages conséquents ? Quelles sont les influences et les conséquences de cette politique d’accueil d’Investissements Directs Étrangers? Comment les IDE affectent et influencent-ils en particulier la région de Dublin, cœur économique du pays? 71 Les 1,8 millions comprennent la population de la région de Dublin au sens large. 28
  29. 29. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Dans un premier temps, il convient d'étudier les changements qu'apportent les multinationales et leurs Investissement Directs Etrangers sur la scène économique de Dublin. Dans un second temps, il conviendra d'aborder leur influence sur la société dublinoise et ses habitants. 1. L'influence des multinationales et de leurs IDE sur le paysage économique dublinois Le niveau d'IDE sur le territoire irlandais est un des plus élevé d'Europe et les effets de cette tendance sur le paysage économique dublinois sont perceptibles. La compétitivité de l'Irlande, mais surtout de sa capitale semble, en effet, avoir été facteur de développement de nouveaux acteurs mais aussi de nouveaux secteurs au sein de l'économie dublinoise, ayant notamment pour conséquence le développement de la recherche, de l'innovation et du niveau des exportations. Les conséquences de cette forte compétitivité semblent se faire ressentir au niveau financier mais aussi au niveau humain, de part le dynamisme de la croissance et la création d'emplois dans la capitale. Mais ces relations avec l'étranger, développées pour des raisons avant tout économiques, peuvent avoir un impact négatifs sur la ville, car en reposant trop son développement sur les Investissements Directs Etrangers, la ville de Dublin pourrait accroître sa dépendance face aux entreprises et acteurs étrangers, bien que les stratégies mises en œuvres par les autorités de la ville et du pays semblent vouloir se concentrer sur une approche positive, dite de « gagnant-gagnant », entre les IDE et la ville de Dublin. 29
  30. 30. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 1 .1 De nouveaux acteurs et de nouveaux secteurs Les IDE en Irlande proviennent avant tout des pays européens, mais aussi en grande partie des États-Unis et d'autres grands pays ayant un impact économique mondial important. Les principaux acteurs investissant en Irlande sont le Luxembourg, le Royaume-Uni, les Pays-Bas, les États-Unis et la France. Les investisseurs sont notamment séduits par les quatre piliers sur lesquels l'économie irlandaise se base pour attirer les investissements étrangers, à savoir: - une fiscalité attractive et généreuse pour les entreprises - l'accès au marché européen pour les investisseurs non européens - l'accès à un bassin de talents répondant aux besoin actuels et une main d’œuvre qualifiée - la facilité à faire des affaires ainsi qu'une sécurité juridique et politique Les relations diplomatiques mais aussi historiques jouent également un grand rôle dans le développement des IDE à Dublin. C'est le cas, par exemple, pour les États-Unis qui partagent une partie de leur histoire avec l'Irlande. De plus, au mois d'avril dernier, un sommet irlando-américain72 à été tenu en plein cœur de Dublin, ayant pour but de réunir les principaux acteurs, sur le plan économique, éducatif, culturel et social, des villes américaines et irlandaises participant à un programme de jumelage. Ce sommet est une occasion pour resserrer les liens économiques, politiques et culturels entre les deux pays. L'Irlande, en effet, repose également son attractivité sur son système fiscal avantageux pour les entreprises et encourageant la recherche et le développement. Les entreprises investissant à Dublin peuvent, en effet, bénéficier d'un taux bas d’imposition de 12,5% et de nombreuses conventions fiscales internationales. La fiscalité fait partie intégrante des stratégies des entreprises souhaitant investir à l'étranger. Une bonne stratégie fiscale peut permettre aux plus grandes multinationales d'économiser, légalement, des millions d'euros. Les désirs d'harmonisation de la fiscalité européennes pourrait cependant venir freiner la compétitivité irlandaise. Il est pour le moment peu probable, que la fiscalité des pays 72 US Sister Cities Mayor's Summit, avril 2016, Dublin 30
  31. 31. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 membres soit contrôlée par l'Union Européenne, car chaque État Membre possède une souveraineté fiscale, lui permettant de fixer librement ses taux d'impositions. Le troisième point clé de l'économie irlandaise est la disponibilité de main d’œuvre jeune et qualifiée dont les entreprises étrangères peuvent retirer un avantage important. Le nombre de diplômés en Irlande est très important. Il y a d'ailleurs, trois universités réputées au cœur de Dublin, des écoles ainsi que des Instituts de technologie. De plus, plus de 40 % de la population irlandaise est âgée de moins de trente ans, et l'age médian est un des plus bas d'Europe. Les investisseurs tirent également avantage de la langue, voir même des langues, parlées à Dublin, puisque l'Irlande est le seul pays anglophone possédant l'Euro. Beaucoup d'irlandais on également appris une langue étrangère au cours de leurs études et le nombre d'étrangers installés à Dublin permet aux entreprises de trouver de la main d’œuvre maîtrisant la plupart des langues de l'Union Européenne comme le polonais, le lituanien ou le français. Enfin, les investisseurs étrangers peuvent également tirer avantage de la stabilité et de l’environnement sûr régnant en Irlande. En effet, l'Irlande est un pays relativement sûr et bien noté par les agences de notation internationales. Cependant, certaines questions peuvent se poser quand au referendum britannique qui aura lieu à la fin du mois de juin. La sortie du Royaume Uni pourrait avoir des effets négatifs, mais aussi des effets positifs sur l'Investissement Étrangers en Irlande, puisque Dublin posséderait alors des avantages que le Royaume-Uni ne possédera plus. Mais cela pourrait aussi engendrer des difficultés dans l'ensemble des territoires de l'Union Européenne et donc également en Irlande. D'une part les relations entre l'Irlande et les pays investisseurs restent alors de première importance pour attirer les IDE Dublin et bénéficier de leurs avantages. D'autres part, les éléments qui rendent l'Irlande compétitive auprès des investisseurs étrangers sont des avantages majeurs et non négligeables pour les entreprises s'établissant à Dublin. Cette attractivité a d'ailleurs permit d'attirer de grandes entreprises internationales, ainsi que de développer des secteurs clés de l'économie tels que les industries pharmaceutiques, les nouvelles technologies, internet, les services aux entreprises et les services financiers. 31
  32. 32. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Certains acteurs clés influencent également le développement de la ville de Dublin. En effet, plus d'un millier de multinationales ont choisit d'établir leur base stratégique européenne en Irlande. Un regroupement de grandes entreprises s'est ainsi fait au cœur de Dublin. L'avantage de ce phénomène a, par un effet multiplicateur, engendré et engendre toujours plus d'investissements étrangers à Dublin. Plus des grandes entreprises s'installent à Dublin, plus d'entreprises sont attirés par cette ville. Amazon, Apple, Facebook et Dell notamment, font partie de cette grande réussite. Cependant l'éclatement de la bulle du numérique viendrait freiner, voir arrêter, cette dynamique. Un autre danger par ailleurs, serait la non diversification de l'économie qui rendrait Dublin en proie aux évolutions soudaines des marchés, bien que la ville soit forte de son innovation et de sa capacité à se réinventer. Enfin, le pays ne doit pas oublier d'investir dans sa propre industrie. Les nouveaux acteurs et secteurs qui ont investit la ville de Dublin, sont les porteurs du succès du modèle irlandais. Les IDE permettent, en effet, à l'Irlande de gagner de la valeur. 1.2 Une création et un ajout de valeur Les Investissements Directs Étrangers sont créateurs de valeur. Ils permettent, en effet, selon les chiffres, à l'Irlande mais surtout à Dublin d'avoir une croissance dynamique (+4,8 % en 2014) et de créer de l'emploi. Nombreuses sont les entreprises, telle Facebook, qui annoncent régulièrement la création de postes à Dublin. Pourtant la course à la flexibilité et compétitivité des travailleurs et du marché du travail pourrait affaiblir grandement la protections des travailleurs. On observe de plus en plus ce phénomène dans le monde, appelé « workfare ». Cette approche, dans un contexte de haute concurrence mondiale, consiste à garantir une certaine protection des travailleurs sous certaines garanties de productivité pour attirer notamment les capitaux étrangers. Il ne faut pas oublier non plus que la plupart de ces investissements sont des investissements mobiles, qui se sont installés facilement à Dublin grâce à son économie ouverte, mais qui pourraient également partir tout aussi facilement. Les investissements dits mobiles sont des investissements qui ont été influencés par des 32
  33. 33. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 facteurs à un moment donné, mais qui si les circonstances avaient été différentes auraient choisis une autre destination pour s'établir. Ainsi, si une des conditions d'établissement change, les investissements pourraient être relocalisés. Malgré tout, les projets se multiplient et le taux de chômage à Dublin est le plus bas du pays. L'Irlande a, de plus, été désignée dans le classement des destinations où la qualité et la valeur des investissements est la meilleure par IBM en 2015. Enfin, les IDE permettent également aux autorités de bénéficier de l'argent récolté lors de l’imposition des entreprises, ce qui peut s’avérer un retour sur investissement non négligeable pour l’État et la Mairie de Dublin. 2. L'influence des multinationales et de leurs IDE sur la communauté dublinoise Attirer les Investissements Directs Étrangers a été un défis importants pour la ville de Dublin. En effet, la ville doit non seulement se montrer compétitive face à de plus grosses capitales, mais elle doit également en faire énéficier la société dublinoise au niveau local. En cela, les autorités nationales et locales cherchent à influencer les IDE mais sont également influencées par eux en retour. Les opportunités amenées par les IDE ont, en outre, amené de plus grandes responsabilités politiques. La croissance et le développement de la ville doivent être soutenus et encadrés afin qu'ils restent avantageux pour les habitants de Dublin. 2.1 Une influence marquée sur la politique Pour supporter le développement de la capitale, les autorités locales et nationales préconisent le développement des savoirs, le développement de l'environnement des affaires mais aussi et surtout le développement des infrastructures de la ville. La compétitivité de la ville est ainsi basée sur quatre piliers : - un environnement des affaires certains et dynamique - des infrastructures récentes et répondant aux besoins - l'encouragement des groupements d'entreprises - les savoirs et savoirs-faire 33
  34. 34. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Ce sont notamment aux autorités locales et nationales de favoriser le maintient et le développement de ces piliers afin d'améliorer les possibilités de croissance et d'augmentation du niveau de vie de la population de manière durable. Les universités, écoles et instituts ont également leur rôle à jouer puisque ce sont eux qui forment les diplômés et la main d’œuvre irlandaise. Les infrastructures sont également un point clés pour la ville de Dublin dont la population ne cesse d'augmenter. Le fait de développer des systèmes et réseaux de transports efficaces, tels que le DART ou le LUAS, l’aéroport et le port de Dublin, peut permettre à la ville de Dublin d'aspirer à une place aux côtés des plus grandes capitales, puisque l'activité économique y est déjà très dense. C'est pourquoi la collaboration entre les autorités locales et les organismes de transport est très importante. Si la ville de Dublin ne possède pas les infrastructures dignes de ses ambitions les investisseurs pourraient être freiner par la non accessibilité de la ville et la qualité de vie de ses habitants pourrait également en être affectée. Des programmes sont mis en œuvre pour développer les systèmes de transports à Dublin. Mais ce sont les disponibilités immobilières qui posent surtout problème à Dublin. En effet, la ville ne dispose que de peu de bureaux disponibles et peu de constructions sont possibles dans le centre. Or ce sont souvent les grandes entreprises étrangères qui ont les moyens d’acquérir les biens immobiliers les plus chers situés dans le centre de Dublin. Cette situation a pour conséquence la montée des loyers mais aussi le retrait des entreprises locales plus petites vers les périphéries moins chères. L'influence des IDE n'est pas seulement marqué au niveau politique mais elle est aussi marquée sur la population elle même et leur façon de vivre. 2.2 Une influence marquée sur la population elle-même La société dublinoise se caractérise en premier lieu par sa multiculturalité. En effet, ce qui saute aux yeux aux premiers abord dans la capitale, c'est a quelle point la ville est une ville dite « globalisée » ou « mondialisée ». En effet, non seulement beaucoup d'entreprises étrangères, mais surtout multinationales, se sont installées dans la ville, mais aussi la ville a attiré des gens du monde entier. 34
  35. 35. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 L’aéroport de Dublin, ainsi que son port sont des passerelles vers les grandes villes européennes mais aussi vers d'autres grandes villes non-européennes. Le modèle ouvert et interculturel dublinois ne peut être qu'attirant pour les compagnies souhaitant investir à l’étranger. De plus, Dublin est prisée pour sa qualité de vie en tant que « petite » capitale. Bien que la ville se classe parmi les plus chères du monde. Le coût de la vie est, en effet, très cher à Dublin et ce sont surtout les prix de l'immobilier qui sont les plus élevés dans la ville. En effet, la venue sans cesse de nouveaux arrivants, ajoutée aux nouvelles naissances et à une disponibilité de logements très faible, les loyers ne cessent d'augmenter et la ville perd ainsi en compétitivité. Dublin est devenue une ville très attirante pour les IDE. Mais les autorités sont menées à faire face aux problèmes issus du développement des grandes villes, tels que la pauvreté, la corruption, les problèmes environnementaux ou le niveau de qualité de vie des habitants; tout en faisant attention à ce que la ville reste compétitive, car une perte de compétitivité reviendrait à une perte d'une partie des avantages acquis par le développement des IDE à Dublin. Ainsi, l'Irlande qui a su mettre en valeur ses avantages pour attirer les Investissements Directs Etrangers dans sa capitale, retire une forte valeur ajoutée de ses investisseurs, de part le dynamisme de son économie mais aussi par la création de richesse et d'emplois. L'économie irlandaise ne doit pourtant pas ignorer les besoins de son industrie traditionnelle et locale et les délaisser au profit de l’investissement et du développement des grandes entreprises étrangères sur son territoire, afin de ne pas se laisser surprendre par un éventuel changement de conjoncture. En effet, le contrôle qu'ont les entités étrangères, de par leurs investissements à Dublin, peut augmenter la dépendance de la ville vis-à vis des pays et marchés étrangers. Les influences se font non seulement au niveau économique, mais également au niveau politique et au sein même de la communauté dublinoise. L'approche dite de « gagnant-gagnant » favorisée par les institutions politiques devraient, du moins en théorie, pouvoir satisfaire,tant les investisseurs étrangers que les dublinois eux même. 35
  36. 36. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Ainsi pour ne pas se laisser dépasser par le développement rapide de la ville, les autorités devraient se donner entièrement les moyens de réaliser leurs objectifs et ambitions, comme celle de faire de Dublin une capitale mondiale, dynamique et riche. Afin de construire cette ville, les programmes de développement devront, dans la mesure du possible, se faire sur le moyen et long terme. 36
  37. 37. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Notes 1. Chiffre de la Chambre de commerce de Dublin 2. Le Grand Dublin (Greater Dublin Area), est le terme qui désigne la région de Dublin, composée de l'agglomération de Dublin et des comtés entourant la ville, c'est à dire Dublin Sud, Dun Laoghaire-Rathdown et Fingal 3.CSO, recensement de 2011, publié en 2013 4. IDE, en anglais Foreign Direct Investment (FDI) 5. Définition de l'OCDE 6. L'Irlande adhèra à l'Union européenne le 1er janvier 1973. 7. OECD statistics data base, http://stats.oecd.org/ 8. COFACE is a French based international credit insurer. 9. Dublin City Council, the authority responsible for local government in the city of Dublin in Ireland. 10. Central Statistics Office, Foreign Direct Investment 2014, (annexe) 11. French Ambassy in Ireland, Economic and trade relations, 2014 12. Economist Intelligence Unit, A survey of foreign direct investors, 2012, p4 13. The American Chamber of Commerce Ireland, Irish US Economic Relationships 2016, p13 -p19 14. http://www.dublin2016.ie/, the event was organised by Dublin City Council's International Realtions Section with support from the Dublin Chamber of Commerce and the San Jose twin sister organising committees. The theme of the conference was Independence & Interdependence 15. Pricewaterhousecoopers, Corporate tax rates comparison graphic, 2015 (annexe) 16. According to Eire Eco 1Janvier- 31 Janvier 2016, services économiques de Dublin, Trésor Direction général 17. OECD statistic data base, http://stats.oecd.org/ 18. OECD statistic data base, http://stats.oecd.org/ 19.Ireland is ranked 4th country in the world to do business, according to Forbes ranking, http://www.forbes.com/best-countries-for-business/, 2016 20. http://francais.doingbusiness.org/data/exploreeconomies/ireland#close, Doing Business 2016, 2016 21. The Companies Act 2014, came into force on 1 June 2015 22.Ireland is marked A3 for its country risk and A1 for its business environment by COFACE, http://www.coface.com/fr/Etudes-economiques-et-risque-pays/Irlande, 2016 23. According to the National Treasury Management Agency, Business Post, NTMA says Brexit would be negative for IRL, http://www.businesspost.ie/ntma-says-brexit-would-be-negative-for-ireland/, May 18, 2016 24. David McWilliams, economist, broadcaster and author, http://www.davidmcwilliams.ie 25. Ryan McGRath, Ireland may need to rethink its place in EU, Irish examiner, May 03, 2016 26. Matheson, Doing Business in Ireland, 2015, p8 27. Department of jobs, enterprise and innovation, Policy statement on FDI in Ireland, July 2014, p9-10 28. Department of jobs, enterprise and innovation, Policy statement on FDI in Ireland, July 2014, p9-10 29. IDA, Tax guide, 2015, p 3 30. http://www.abbott.ie/contact/ 31. Financial Times publication, fDi Magazine : a survey of 294 cities, 2016 32. Intel, http://www.intel.ie/content/www/ie/en/company-overview/about-intel-ireland.html [18 May 2016] 33. The City Momentum Index, the rise of the Innovation-Oriented City, 2016 34. France Ireland Chamber of commerce 35.Elton, Gruber, Modern portfolio theory and investment analysis, ninth edition, 2014 36.Department of Jobs, Enterprise and Innovation, Policy statement on FDI in Ireland, July 2014 37.According to the French National Institue of Statistics and economic Studies (INSEE), insee.fr [18 May 2016] 38. IDA Ireland, Repport & account, 2015, p 6 39. Facebook, https://www.facebook.com/careers/locations/dublin/ [18 May 2016] 40. IDA, press release, Paypals announcement of 100 new jobs in Dublin, 3 March 2016 41. Dublin Dashboard, Report, Q1 2016 42. According to the definition of the Cambridge dictionnary, 'workfare' means : ' a government program under which people who receive welfare (=money from the government) and are able to work must work' 43. IBM, Global Location Trends report, 2015, p7 44. Public Affairs Ireland, Focusing on FDI is a win-win approach, July 2012 45. According to the definition of the Oxford dictionary, 'multiplier effect' means : 'A phenomenon whereby a 37
  38. 38. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 given change in a particular input, such as government spending, causes a larger change in an output, such as gross domestic product' 46. David McGreal, economist 47. The growth of the city here refers particularly to its size, its financial importance and its importance on the international stage. 48. Pyramid : Competitiveness Framework, National Competitiveness Council, 2016 (annexe) 49. See diagram (A) 50. (A) Pyramid : Competitiveness Framework, National Competitiveness Council, 2016 51. According to the website http://localauthorityfinances.com/average/7/ , brought from publicpolicy.ie an independant think tank whose goal is to promore better economic, social and environmental policies, [June 2016] 52. This collaboration aims to engages technology providers to create practically applicable systems to bring about improvement in areas suche as traffic management, flood detection and waste disposal. 53. Department of jobs, enterprise and innovation, Policy statement on FDI in Ireland, July 2014, 30p 54. IMD World Competitiveness Yearboook, 2016 55. Institute of Technology Tallaght, http://www.it-tallaght.ie/ , [June 2016] 56. The Greater Dublin Area refers to the Dublin urban area and nearby suburban. 57. CSO.ie, Census 1991 compared to Census 2014 58. Transport 21 is a capital investment frameork under the National Development Plan through which the transport system in Ireland will be developed, was announced in 2005 but due to economic decline the project was cancelled nationally in May 2011, but Dublin is still active in this plan (e.g. : the Luas development) 59. The Luas is the name of Dublin tramway. 60. The DART system (The Dublin Area Rapid Transit) is an electrified rapid transit railway network serving the coastline and city centre of Dublin. 61. Luas Cross City construction commenced in June 2013 and it is scheduled to be in operation by the end of 2017. 62. A City Region on the move : strenghening Dublin's Access to Markets and Opporunities, Dublin Chamber of Commerce Report, June 2012, 14p 63. Global Competitiveness Report 2014 64. Between Dublin Zone D2 and D4, for exemple, only 600,000 square feet were being developed between 2014 and 2016 and 40 % of this space has already been reserved, according to the Dublin Chamber. 65. Irish leaders took almost two months to agree on a Government. The gverning party, Fine Gael, is expected to lead a minority administration, with the tacit support of its main rival, Fianna Fail. 66. CSO.ie, Census 2011 67. Source: Prepared by InterVISTAS Consulting Ltd, Dublin Airport Economic Impact Study, April 2015, 102p. 68. See diagram (B) 69. Source Savills and Datawrapper (B) 70. (C) Dublin, A breath of Fresh Air, Dublin City Council 71. Les 1,8 millions comprennent la population de la région de Dublin au sens large. Table des Acronymes MNC = Multinational Corporations R&D= Research and Development FDI= Foreign Direct Investment M&A= Merger and Acquisition IDE= Investissements Directs Etrangers 38
  39. 39. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Bibliographie Ouvrages Antoin E.Murphy & Donal Donovan, The fall of the Celtic Tiger, Oxford, 2013. Brian O'Loughlin & Franck O'Brien, Fundamentals of Investment- An Irish perspective, second edition, 2011, p 142-147. Elton & Gruber, Modern portfolio theory and investment analysis, ninth edition, 2014, p 111-180, p 272-275. Publications et rapports Prepared by InterVISTAS Consulting Ltd, Dublin Airport Economic Impact Study, April 2015, 102p. OCDE, Etudes économiques de l'OCDE Irlande 2015 (synthèse), Septembre 2015, 47p. IDA Ireland, Taxation in Ireland 2015, 2015, 18p. Trésor Direction Générale, Publications des services économique- Ambassade de France en Irlande, service économique de Dublin, Eire Eco – 01 au 31 janvier 2016, 2016, 4p. The Economist, Economist Intelligence Unit, Investing in Ireland – A survey of foreing direct investors, 2012, 40p. Public Affairs Ireland, Focusing on FDI is a win-win approach, July 2012, 6p. Trésor Direction Générale, Service économique de Dublin, L'économie irlandaise en graphiques, avril 2016, 4p Department of jobs Enterprise and Innovation, Policy statement on Foreign Direct Investment in Ireland July 2014, 24p. IBM,Global Locations Trends report, 2015, 24p Dublin Chamber of Commerce, Submission on the Draft Dublin City Develoment Plan 2016-2020, décembre 2015, 14p Dublin Chamber of Commerce Report, A City Region on the move : strenghening Dublin's Access to Markets and Opporunities, June 2012 39
  40. 40. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Articles Globalisation a major trend in 2016 Deals nominations, Finance Dublin (magazine), mars 2016 Fiona Reddan, Dublin is 11th best in world for new FDI, Irish Times, 16 juin 2015 Cliff Taylor, Facebook 'likes' UK tax but does it mean unfriending Ireland?, Irish Times, 4 mars 2016 Jobs plan for Dublin targets 66,000 jobs, Business & Finance, 25 janvier 2016 Charlie Taylor, Ireland the main beneficiary of US foreign direct investment, Irish Times, 5 mars 2015 John FitzGerald, What's wrong with the financial services industry here?, Irish Times, 22 septembre 2015 Richard Curran, From Malin to Mizen we are still too dependent on FDI for creating our jobs, Independent, 19 novembre 2015 Ryan McGrath, Ireland may need to rethink its place in EU, Irish Examiner, 3 mai 2016 Dr Daragh McGreal, Is attracting more foreign companies to Ireland really a recipe for growth ?, Thejournal.ie, 7 sept 2014, Suzanne Lynch, Ireland ranked top for FDI but warned over skills, Irish times, 19 janvier 2016 Billy Maclnnes, Sayonara, Brits ! The irish tech sector could benefit from Brexit, The Register, 6 mai 2016 Chris Taylor, Foreign direct investment into Ireland up 4 % last year, Irish Times, 21 avril 2016 40
  41. 41. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Sites internet Chambre d ecommerce franco-irlandaise, http://www.ambafrance-ie.org/LaChambre- de-Commerce-Franco, [Juin 2016] Service économique de l'ambassade de France à dublin, http://www.ambafrance- ie.org/Le-Service-Economique, [Juin 2016] IDA Irelande, http://www.idaireland.fr/, [Juin 2016] Ibec, http://www.ibec.ie/ibecweb.nsf/wHome?OpenForm, , [Juin 2016] Enterprise Ireland, https://www.enterprise-ireland.com/en/ , [Juin 2016] COFACE, http://www.coface.fr, [Juin 2016] OCDE, http://www.oecd.org/, [Juin 2016] Shannon Chamber, http://www.shannonchamber.ie/, [Juin 2016] Dublin Chamber of Commerce, http://www.dubchamber.ie/, [Juin 2016] Le Moci, fiche pays: Irlande, http://www.lemoci.com/fiche- pays/irlande/implantations/, [Juin 2016] Société générale, fiche pays: Irlande, https://import- export.societegenerale.fr/fr/trouvez-votre-marche/fiche-pays/irlande/risque-pays- investissement , [Juin 2016] Statistics: Central statistics office, http://www.cso.ie/en/index.html INSEE, http://www.insee.fr, [Juin 2016] Central bank, http://www.centralbank.ie/Pages/home.aspx, [Juin 2016] Dublin Dash board, http://www.dublindashboard.ie, [Juin 2016] 41
  42. 42. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Annexes Annexe 1 Principaux indicateurs économiques et risque pays,COFACE, http://www.coface.com/fr/Etudes-economiques-et-risque-pays/Irlande# 42
  43. 43. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Annexe 2 43
  44. 44. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Annexe 3 Top cities for Greenfield FDI, 2014 44
  45. 45. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Annexe 4 European cities and regions of the future 2016-2017, FDI intelligence, Annexe 5 Central Statistics Office, Foreign Direct Investment 2014, Stock of Inward Direct Investment Geographical Breakdown 2014 45
  46. 46. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Annexe 6 Start-up and giant companies illustration in Dublin, Dublin Convention Bureau, http://www.dublinconventionbureau.com/Why_Choose_Dublin/ease-of-doing-business,[Juin 2016] 46
  47. 47. Camille REGNAULT – Travail Encadré de Recherche – Master 1 LEA - Juin 2016 Annexe 7 Dublin Airport Arrivals, Indicator 2016 Quarter 1, Dublin Dash Board, 2016 47

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