International Law Ireland Essay Research Paper INTERNATIONAL

International Law Ireland Essay, Research Paper

INTERNATIONAL LAW

IRELAND

Ireland is the fastest growing economy in Europe today. It is amazing to think

That this is true after so many years of being a struggling nation and people

Forced to pay high taxes in order to keep the economy from collapsing. All that has changed since we joined the EC. A lot of people can now enjoy the high standards of living and many overseas company are now coming over to invest here because of our superior workforce and education system among others. We will look at what Ireland has to offer, some facts about the country, what makes companies come over to invest and what regulations and laws are applicable. Also we will look at the other information that is necessary.

Introduction:

Population of Ireland is approximately 3.6 million people. More than a third of that live in the Dublin area.

Area: 70,282sq.km

Language: English is the main language but Gaelic is learned in schools but only

Spoken in the remote parts of Ireland.

Capital: Dublin ( pop. 952,692 )

Currency: Irish Pound ( IR) IR 1 = US$1.36

Euro = .757

Climate: Winter: 39F

Summer 61F

Religion: Roman Catholic 91%

Other 9%

General and Economic Background.

The Republic of Ireland has been a free state since 1922 after winning independence from the UK. The Irish legal system is based on its constitution, domestic legislation and common law. Increasingly, the commercial law is being modified to conform to the directives of the EC of which Ireland is a member.

The president of Ireland is the Head of State and is directly of popular vote for a term of 7 years. The president.s role is primarily ceremonial although the president must sign all legislation into law. Political power is held mainly by the Prime Minister ( Taoiseach ) and the Parliament. The political system is considered stable with no wide policy changes between various administrators. There are 6 political parties in Ireland: Finna Fail, Fine Gael, and the Progressive Democrats are generally considered right-of-center maintaining conservative policies while the Labour Party, Democratic Left, and the Worker.s Party are considered left of center.

The country has natural resources of gas, lead, zinc and peat. The Irish economy is small, open and highly depependent upon international trade. A lot of American companies set up in Ireland and Ireland depends a lot on that. If American companies do bad on the stock exchange, then it can affect the Irish economy.

The entry of Ireland into the EC in 1973 was a significant event to promote the industrialisation of the country. Foreign firms especially Americans found that setting up a manufacturing base in Ireland behind the EC .tariff wall. to avoid custom charges, provided a duty-free access to the Western European markets and also a skilled work force.

Ireland has prospered by offering investors a stable, profitable,

English-speaking base to serve the European market and beyond.

As a result, the ratio of trade to GDP rose by more than 50

percentage points in the 1990s. That ratio – 160 percent in 1998 – is

one of the highest among all the members of the OECD. Ireland has

experienced five straight years of stunning economic performance

and today is a world leader in a number of aspects of economic

performance. No other OECD member country has been able to

match its outstanding outcomes in a variety of dimensions. Output

growth has averaged over 9% per year on a GDP basis in the period

1994-1998. Half of that growth has been reflected in considerable

employment gains and the rest in impressive labour productivity

growth. There have been substantial increases in the labour force,

thanks to Ireland’s particularly favourable demographics and to an

important reversal in migration flows. Unemployment has fallen by

nearly 9 percentage points to 6.4%. Consumer Price Inflation has

remained below 2% over the past year, despite the economic boom.

(Source: OECD Economic Surveys – Ireland, June 1999)

Investment in Ireland

Over 1,200 companies invest in Ireland as their base to serve the Eiuropean market and beyond. Here, these companies find a favourable tax environment, competitive operating costs and a productive and flexible workforce. Thses factors together ensure the highest reurns on investment for companies choosing to do business in Ireland. We will look at some of the factors and others that determine why companies set up here.

Taxation: Ireland offers one of the most beneficial corporate tax environments in the world. Profits derived from eligble manufacturing and qualifying services are subject to tax rate of 10% until December 2002. From 1 January 2003, a corporation tax rate of 12.5% will apply to trading profits in all sectors.

Education: Ireland has one of the best education systems in the world. Almost 1 million people are in full time education. 60% of the school leavers go on to 3rd level education. ( College )

Labour Costs: Ireland has a competitive wage environment. The cost of employment in Ireland is among th

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