BUSINESS ABROAD: Welcome to Ireland

Ireland’s greatest export is men. Some 40,000 emigrate every year, mostly to Britain and the U.S., because there are few jobs at home. Those who do remain on the emerald farms and in the cities face a flinty life in one of Europe’s poorest nations.

Last week a smiling Irishman started buzzing around the U.S. in hopes of getting help for the Irish economy. Announced Cyril Count McCormack, new U.S. director of the Irish Industrial Development Authority: under recently enacted laws, Ireland will offer U.S. businessmen probably the most appealing climate for industrial investment in all Europe.

Offered: Plants & Equipment. For the foreign industrialist who brings his know-how to one of the underdeveloped western counties—Clare, Galway, Mayo, Roscommon, Donegal, Kerry, Sligo or Leitrim—the Irish government will buy a site, build a plant for him, train his workers and pay half the cost of plant equipment. Elsewhere, Ireland will grant two-thirds of the cost of the plant up to $140,000. In addition, foreign enterprises will be freed from income taxes on export profits for at least five years, excused from 67% of local property taxes for at least seven years. Dublin will guarantee that U.S. companies can send home all their profits in dollars.

Business Booster McCormack had other bait, such as low Irish wages (average: $21 for a 48-hour week), low power rates (1 per kw-h). low living costs (50¢ for round steak, 24¢ for a shot of fine Irish whisky), and the idea that the U.S. manufacturer in Ireland will be able to sell his goods tariff-free to the future European free-trade area, which Ireland intends to join. The free-trade area should prove particularly attractive to businessmen who set up plants in the 200-acre customs-free zone around Shannon Airport in County Clare.

Needed: Money & Skills. Ireland is rolling out the plush green carpet because her few young, overprotected industries do not begin to supply home needs for manufactured goods. Imports last year rose to $512 million, exports stood at $368 million, and Ireland had to battle an overall trade imbalance of $144 million.

Ireland aims to lure mostly middling-sized, 50 to 500 man plants that would not compete with existing Irish industries, e.g., new plants for chemicals, tools, toys, plywood products. Its yearly goal is to attract $56 million in new industrial investment, create 15,000 jobs. For the bulk of this, Ireland looks to the U.S. Said Booster McCormack in his Manhattan office: “Any American businessman who is interested in Ireland has only to call me, from any part of the country, and I will come to see him in 24 hours.”