Ireland does it right
September 2000
News
I recently had the pleasure of a visit to Ireland. Of the many things that struck me (other than that the Irish must be one of the friendliest nations in the world) was the phenomenal economic growth the country is experiencing. Recent figures show a GDP (gross domestic product) growth rate of 9,5% per annum, more than double the global growth rate of 4%, with personal spending up by an incredible cumulative 33% over the last five years.
SA Instrumentation & Control Editor: Graeme Bell
Intel recently announced that it would be building a new semiconductor plant in Ireland at the staggering cost of approx R18bn. Coca Cola is installing one of the world's largest bottling plants in Ireland (R1 billion) and new car sales, up 40% from this time last year, are so good that there is a four-month waiting list for new vehicles.
But what is causing this extraordinary growth? It would appear that the Irish government is fiercely bent on job creation, with a second priority being given to job creation. Last, but not least on the agenda is, you guessed it, job creation. Everything that the government does has job creation as a focal point. When Intel proposed building its new plant, the entire Irish cabinet was involved in the bid-process. When a company considers disinvesting from Ireland, the government is on their doorstep wanting to know what can be done to keep the investment in place. When a new plant is opened, the international press is called in to view the latest job-creation success story. The Irish have become a nation of job-creation fanatics.
This sort of business prowess contrasts starkly with that of many other countries (including our own) that believe that they are 'owed' investment by foreign countries. We, somewhat naïvely, believed the World Bank and International Monetary Fund when they said, "Open your economy, lower your inflation rate, and the money will come." Getting the inflation rate under control and allowing the free exchange of capital are essential to the development of an economy. But these requirements are only half of the equation. A stable work force (instead of pandering to the whims of overpaid trade union leaders), tax holidays and a world-class infrastructure that keeps pace with the global economy, are all essential factors. Combine these with a passion for job-creation and South Africa will be well on its way to being a highly competitive developing economy.
Come on Messrs Mbeki, Manuel and Mboweni - let us learn something from the Irish!
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