Ireland is an innovation leader according to the Global Innovation Index, and is rated in the top ten consistently across all performance indicators since the report’s inception in 2007. Ireland’s economy is highly globalized (Brennan, 2022). According to the Irish Central Statistics Office, foreign direct investment comprises 288% of Ireland’s GDP1. In 2019, Ireland exceeded an unprecedented one trillion dollars of FDI. Despite the global COVID-19 pandemic, FDI into Ireland rose incrementally by 71 billion euros in 2020, with the technology sector showing particular resilience. The year 2021 continued to see FDI inflows. According to the Industrial Development Authority (IDA), Ireland remains an attractive location for multinational subsidiary operations despite raising its corporate tax rate from 12.5% to 15% in 2021. Ireland made this adjustment to align with the minimum European corporate tax rate proposed by the OECD as part of their inclusion framework. Ireland’s innovation capacity is cited as a critical strategic pillar attracting multinational investment. The United States is the largest investor in Ireland accounting for almost three-quarters of total FDI. Ireland’s overall innovation profile is healthy. However, studies concerning the understanding of contributing factors for this success appear limited.
