Martin welcomes improvement in Ireland’s competitiveness

Minister for Enterprise, Trade and Employment Micheál Martin, has welcomed Ireland’s improvement in the international competitiveness rankings compiled by the World Economic Forum (WEF).

Ireland has moved up four places and is now ranked 26 out of the 117 economies ranked by the WEF.

Minister Martin said: “Competitiveness sustains our growth and prosperity and we have to make sure that the improvement seen in this year’s report is improved upon with a determination to consistently improve the environment for doing business in and from Ireland. If we are to catch up with the super stars of the Nordic economies, we have to be more dynamic and creative in building a competitive economy.

“Increasing our competitiveness ranking demands a shared understanding of the importance of making progress in areas where challenges remain. In the context of the forthcoming Partnership talks there is still a concern about the pace of growth in labour costs. Wage moderation combined with improved productivity will be critical to maintain cost competitiveness.”

Pointing to the Report’s competitiveness balance sheet the Minister noted that Ireland scored well on our companies’ capacity to absorb technology.

Mr Martin said: “The ability to incorporate higher levels of knowledge and technology into everything we make, do and sell will be a powerful driver of competitiveness. Our technological resources are limited, so we have to be both skilful and nimble in taking new innovations from elsewhere and merging them with what we do best.

"The WEF’s ranking in this aspect of technology suggests that Irish firms have a well founded competitiveness edge.”

(SP)