WEBVTT - Businessweek Extra- IDA Ireland CEO

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio. I'm Carol

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<v Speaker 1>Masser and I'm Tim Stanovik. Welcome to the Bloomberg Business

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<v Speaker 1>Week Extra. It's a weekly podcast bringing you a highlight,

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<v Speaker 1>a favorite interview from the week, just something that stood out,

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<v Speaker 1>And this week it's with the CEO at i D

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<v Speaker 1>A Ireland, Martin Shanahan. He oversees Ireland's government agency that's

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<v Speaker 1>responsible for attracting and developing foreign direct investment into the country. Yeah,

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<v Speaker 1>and at one point in January, tim Ireland had the

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<v Speaker 1>fastest and highest spike in coronavirus cases in the world,

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<v Speaker 1>and that was followed by one of the most stringent

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<v Speaker 1>lockdowns over in Europe. Ireland is also among those European

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<v Speaker 1>nations that have temporarily halted the use of the astra

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<v Speaker 1>Zeneca COVID nineteen vaccine. Our conversation covered a lot of ground,

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<v Speaker 1>including Brexit, corporate taxes, growth, tourism, and of course the

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<v Speaker 1>impact of the pandemic. And that's where we started. Supposed

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<v Speaker 1>like all countries, you know, it's been a very difficult

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<v Speaker 1>year for countries, for citizens and indeed for for companies.

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<v Speaker 1>But I think we are getting through this as you

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<v Speaker 1>mentioned in your introduction, we've had a difficult January February,

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<v Speaker 1>but we have seen infection rates for all hospitalizations fall. Thankfully,

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<v Speaker 1>that's fall and like all of the countries, we are

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<v Speaker 1>rolling out our vaccine program at the moment, so we

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<v Speaker 1>are still in a reasonably high level of restriction, but

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<v Speaker 1>we're hoping come the next number of weeks that we

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<v Speaker 1>will be able to start to on wind some of

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<v Speaker 1>those we've seen school children start to go back to school,

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<v Speaker 1>so slowly but surely we're getting back and we are

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<v Speaker 1>getting the most vulnerable vaccinated at the moment, and we

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<v Speaker 1>hope that to be able to extend that program over

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<v Speaker 1>the coming months. Obviously, availability of vaccines is really what's

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<v Speaker 1>limiting us at the moment, and so it's it's supply

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<v Speaker 1>rather than anything else. Yeah, looking at the Bloomberg Vaccine

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<v Speaker 1>tracker right now, and it shows that nine percent of

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<v Speaker 1>the population in Ireland have received at least one shot

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<v Speaker 1>of the COVID vaccine and three point three percent of

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<v Speaker 1>the population is at this point fully vaccinated. I mean,

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<v Speaker 1>just anecdote speaking, how do you feel like it's going

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<v Speaker 1>Are you starting to hear of more and more people

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<v Speaker 1>and know, more people who are getting vaccinated. That's how

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<v Speaker 1>it started for us here. Yes, I think we are

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<v Speaker 1>him and I'm quite close to this as well, So

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<v Speaker 1>maybe you know, I I hear a lot about this

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<v Speaker 1>every day, but I think, you know, we are slightly

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<v Speaker 1>ahead of the European average in terms of the numbers

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<v Speaker 1>vaccination at this point, but undoubtedly Europe is behind I

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<v Speaker 1>think the US and indeed the UK and Israel in

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<v Speaker 1>terms of the numbers that are vaccinated. And but certainly

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<v Speaker 1>undoubtedly we are seeing the effect. And you know, where

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<v Speaker 1>people have been vaccinated, and again, like other countries, we've

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<v Speaker 1>started with the most vulnerable elderly, those with serious medical conditions,

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<v Speaker 1>and we have seen the vaccine is working. And and

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<v Speaker 1>you know, so I think there's renewed hope everywhere because

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<v Speaker 1>of the advent of new therapies and indeed the options

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<v Speaker 1>we have now around vaccines. Yeah, the Bloomberg Vaccine Track

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<v Speaker 1>says that the EU has a seven point seven percent

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<v Speaker 1>of the entire population with one with one does so

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<v Speaker 1>I am wondering how this is all. How you're thinking

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<v Speaker 1>about this when it comes to attracting foreign direct investment.

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<v Speaker 1>How how do you do you think does does the

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<v Speaker 1>coronavirus pandemic. Is this setting back the goals that you

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<v Speaker 1>had over the last few years, majorly in terms of

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<v Speaker 1>attracting businesses to the country. No, actually, and I suppose

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<v Speaker 1>what we've seen in in Ireland is a kind of bifocation,

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<v Speaker 1>and I think we're not unique in that regard, where

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<v Speaker 1>we've seen the domestically traded economy, particularly retail, hospitality, also

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<v Speaker 1>the tourism sector and construction to some extent impacted and

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<v Speaker 1>impacted very heavily. So undoubtedly the pandemic we have felt

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<v Speaker 1>it in Ireland. But actually those sectors which are dominated

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<v Speaker 1>by FDI in Ireland, which are technology, pharmaceuticals, medical devices,

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<v Speaker 1>international financial services, have proven extraordinary resilient. And I suppose

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<v Speaker 1>Ireland has really over the last number of years that

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<v Speaker 1>on those sectors, really modern sectors that underpinned a modern economy,

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<v Speaker 1>and they have proven really resilient during this period both

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<v Speaker 1>the install base of investments here but also for twenty

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<v Speaker 1>we only saw a six percent drop in the number

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<v Speaker 1>of investments that we have had into Ireland, and Ireland

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<v Speaker 1>is one of the few countries that also posted positive

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<v Speaker 1>economic GDP growth in twenty twenty modest at three point

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<v Speaker 1>five percent, but positive nonetheless though, uh and it is

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<v Speaker 1>foreign direct investment and those companies, particularly in pharmaceutical and

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<v Speaker 1>technology firms that are driving that. Martin, we were just

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<v Speaker 1>talking about a story on the Bloomberg Um about how

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<v Speaker 1>Europe is moving toward um vaccine passport so that people

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<v Speaker 1>can move around from country to country. Do you think

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<v Speaker 1>we need something like this, especially on a corporate level,

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<v Speaker 1>you know, with companies that you know work for, companies

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<v Speaker 1>that might be in another country. Yes, Carl, I mean think,

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<v Speaker 1>as you know we now look forward to opening up

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<v Speaker 1>there obviously needs to be ways of verifying that that

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<v Speaker 1>can happen safely. The European Commission has proposed a digital

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<v Speaker 1>Green Path and we're waiting at the moment to see

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<v Speaker 1>the details of that presented. But I think essentially, as

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<v Speaker 1>I understand that, we're looking at proof a person has

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<v Speaker 1>been vaccinated, results tests for those that couldn't be vaccinated,

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<v Speaker 1>you know, in terms of testing for a COVID and

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<v Speaker 1>information on COVID recovery where where that's necessary. And but

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<v Speaker 1>this is I think it's very complicated. I think, you know,

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<v Speaker 1>you we need to respect data protection rules, we need

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<v Speaker 1>to respect security. We need to respect privacy. So I

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<v Speaker 1>think you know, we're gonna have to tread slowly and

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<v Speaker 1>make sure that we get this right, and that's obviously

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<v Speaker 1>what the Commission is doing at the moment. Can you

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<v Speaker 1>give us a general idea about how your conversations over

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<v Speaker 1>the last year have changed with executives companies around the world.

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<v Speaker 1>Old when they are thinking about investing in Ireland before coronavirus,

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<v Speaker 1>and what are they like now? Yeah, so, um, I

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<v Speaker 1>think you know, firstly, they've changed because we're doing this

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<v Speaker 1>all virtually, and like everybody else we have we've pivoted

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<v Speaker 1>virtually and some companies have managed to make that transition

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<v Speaker 1>very quickly and maybe some less so. And it's obviously

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<v Speaker 1>much more difficult for companies making physical goods manufacturing. We

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<v Speaker 1>have kept all of manufacturing opened in Ireland. Most of

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<v Speaker 1>it is deemed essential because of the types of products

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<v Speaker 1>that are being made. In terms of the discussions with executives,

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<v Speaker 1>you know, the fundamentals of investing in a country still

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<v Speaker 1>remain the same. You know, executives are interested in those

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<v Speaker 1>same things what everybody is discussing obviously as what is

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<v Speaker 1>the future of work? And you know, I think it's

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<v Speaker 1>clear at this point that we're not going back to

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<v Speaker 1>where we were, you know, Monday to Friday core hours

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<v Speaker 1>in the office. There's going to be much greater flexibility.

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<v Speaker 1>I think that's a given at this point. But also

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<v Speaker 1>there is a role for the office, and I think

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<v Speaker 1>that's clear, and that's what we're hearing from the companies

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<v Speaker 1>we're engaging with because for reasons of innovation, collaboration, and

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<v Speaker 1>building team culture, on boarding new team members is a

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<v Speaker 1>big issue, and also ensuring that those coming into companies

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<v Speaker 1>at more junior levels that there is some sort of

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<v Speaker 1>training or apprenticeship model, much easier obviously to do on

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<v Speaker 1>site than it is to do remotely. So there is

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<v Speaker 1>still a future for the office and that regards I

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<v Speaker 1>want to get your thoughts on potential tax in the

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<v Speaker 1>tax increase for corporations here in the United States. We

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<v Speaker 1>had a great story Nancy Cook and Laura Davison colleagues

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<v Speaker 1>breaking this news yesterday that that President Biden is eyeing

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<v Speaker 1>his first major tax site since in this next economic plan.

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<v Speaker 1>One of those includes raising the corporate tax rate from

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<v Speaker 1>how would that change the way that American companies think

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<v Speaker 1>about doing business in Ireland? Would it make Ireland more attractive? Well, listen,

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<v Speaker 1>I mean I think it's it depends on the overall offering.

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<v Speaker 1>And similar to when I suppose the last administration introduced

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<v Speaker 1>its tax changes, and I think I said at the time,

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<v Speaker 1>you know the devil is basically in the detail here,

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<v Speaker 1>and you know how it's done and what counteracting measures

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<v Speaker 1>are introduced to support businesses. I think you have to

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<v Speaker 1>see all of that. The headline rate is one thing.

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<v Speaker 1>I think also we are obviously facing into probably significant

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<v Speaker 1>global changes on the tax front. During the course of

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<v Speaker 1>this year. The o E c D process has I

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<v Speaker 1>think increased momentum. John as Yellen has I think made

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<v Speaker 1>it clear that there will won't be a voluntary opt

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<v Speaker 1>out for US companies and and therefore I think the

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<v Speaker 1>prospect of a deal politically on global tax is probably

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<v Speaker 1>further ahead now than it has been for some time.

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<v Speaker 1>But again, until we see what happens there under both

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<v Speaker 1>the billers they're looking at, it's it's difficult to say

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<v Speaker 1>exactly what impact it will have. From Irlin's perspective, you know,

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<v Speaker 1>we've at twelve and a half percent corporation tax rate.

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<v Speaker 1>It is consistent, it's transparent, and it's stable and has

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<v Speaker 1>been there for a long time. And I think, you know,

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<v Speaker 1>while people look at our rate sometimes and think that's

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<v Speaker 1>the answer potentially because it's a low rate, it's actually

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<v Speaker 1>around the stability of the race is probably the most

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<v Speaker 1>important thing, right and interesting right at a time where

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<v Speaker 1>all of a sudden you could see the US corporate

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<v Speaker 1>tax rate go from to higher rate, like a lot

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<v Speaker 1>of movement in just a few years. Um. Having said that,

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<v Speaker 1>I gotta ask you, Martin, what's the outlook? What does

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<v Speaker 1>the global economic environment look like for you and for

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<v Speaker 1>Ireland uh post pandemic, especially at a time where I

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<v Speaker 1>think there's still a lot of countries that are thinking

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<v Speaker 1>about what do we need to do domestically to heal

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<v Speaker 1>our societies after COVID. Yeah, I think it's very challenging,

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<v Speaker 1>I think is the short answer. I think that you know,

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<v Speaker 1>we we had hoped probably that we would have on

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<v Speaker 1>wound restrictions in a lot of countries before now. Having

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<v Speaker 1>said that, I think, you know, if you're told us

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<v Speaker 1>a year ago that we would have the vaccines options

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<v Speaker 1>that we have and that they were tested and now

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<v Speaker 1>being deployed, I think that's a really fantastic outcome from

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<v Speaker 1>an FDI perspective. I mean, all the global projections suggest

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<v Speaker 1>that FDI globally are going is going to decline significantly

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<v Speaker 1>during the course of one again some with estimates up

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<v Speaker 1>to decline. So it's going to be a really challenging

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<v Speaker 1>environment for for US and for other colleagues across the

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<v Speaker 1>globe as we seek foreign direct investment and um, you know,

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<v Speaker 1>there's going to be a smaller pool and everybody obviously

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<v Speaker 1>is going to be looking for that investment because they

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<v Speaker 1>are trying to drive economic growth within their economies to

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<v Speaker 1>pay for the cost of the pandemic. And there's been

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<v Speaker 1>significant costs for all countries, you know, whether their healthcare costs,

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<v Speaker 1>whether their supports to business or their support to individuals

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<v Speaker 1>in terms of a social safety net. How happy are

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<v Speaker 1>you that we're not talking Brexit? You know, I'm always

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<v Speaker 1>happy to talk breximitly, Carol, think like how many times

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<v Speaker 1>we've talked about it in the past years. It's done

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<v Speaker 1>to some extent in that we you know, we are

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<v Speaker 1>now talking post BRIGS that we trade and cooperation agreement,

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<v Speaker 1>and that's the positive. You know, I think I would

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<v Speaker 1>have said this time last year that the you know,

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<v Speaker 1>the objective is to have an agreement between the EU

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<v Speaker 1>and the UK. It's not ideal, It probably isn't as

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<v Speaker 1>comprehensive maybe as we would have liked, but you know,

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<v Speaker 1>it's an agreement nonetheless, and I suppose the core aspects

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<v Speaker 1>of that from Ireland's perspective are in there. And one

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<v Speaker 1>of those core aspects, obviously was that we prevent a

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<v Speaker 1>hard border on the island of Ireland between north and size.

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<v Speaker 1>That has been achieved, albeit it has been very challenging

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<v Speaker 1>to achieve that, and you know, implementing all of this

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<v Speaker 1>now is the challenge we're going to be dealing with

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<v Speaker 1>in the days Monsign years ahead. Hey Maarton, we only

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<v Speaker 1>have ten seconds left, but a year from now, are

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<v Speaker 1>we doing this in person? Are you back here with

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<v Speaker 1>us in the studio? I certainly will be making ver

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<v Speaker 1>VF for to do that, and I hope you guys

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<v Speaker 1>will have me. And let's be optimistic, you know, um,

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<v Speaker 1>you know, certainly I've an optimism bias, and uh, I

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<v Speaker 1>think we will be. That was the CEO and I

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<v Speaker 1>d a Ireland. Martin Shannahan. You've been listening to Bloomberg

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<v Speaker 1>Business Week Extra be sure to listen to our Bloomberg

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<v Speaker 1>Business Week daily radio show, airing live Monday through Friday

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<v Speaker 1>at two pm All Street time. I'm Bloomberg Radio. Watch

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<v Speaker 1>US two on our daily broadcast on YouTube, just search

0:12:25.520 --> 0:12:27.839
<v Speaker 1>Bloomberg Global News, and you can also see me on

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<v Speaker 1>streaming platforms like Roku, Apple TV, Samsung TV, and more.

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<v Speaker 1>I'm Tim Stanavan and I'm Carol Masser. This is Bloomberg