Doing business in Ireland

Ireland was the only EU country whose GDP grew in both 2020 and 2021 after Brexit and the pandemic. In the first quarter of 2022, Irish gross domestic product (GDP) grew by 11.3 percent in real terms compared to the same period of the previous year. Ireland is expected to have the second fastest economic growth in the European Union (EU) in 2022.

Above all, the branches of large international corporations in the IT, medical technology and pharmaceutical sectors are stabilizing the Irish economy. Foreign investors are very active in Ireland. According to the state investment promotion agency, 155 foreign companies have already announced that they will set up or expand their business in Ireland since the beginning of 2022.

At an average of 4 percent, Irish wages are currently rising faster than the EU average of 2 percent and are thus somewhat alleviating the gloomy buying mood of private consumers due to record inflation.

Find the right sales agent in Ireland

Meetings are best arranged at least two weeks in advance and are happy to be confirmed again by telephone the day before the meeting. In Ireland, people expect punctuality from their business partners, even if the Irish themselves are not necessarily punctual.

Avoid loud, aggressive or arrogant behavior, this is considered very unpleasant. In business, hugging or touching is not very popular, but a “well done” pat on the back is fine. Irish people do not perceive people who avoid direct eye contact as particularly trustworthy. Therefore, do not interrupt this during a conversation with an Irishman. In Ireland it is quite common to address the person you are talking to by their first name.

The quickest way to introduce yourself to a group of Irish business people is to be introduced yourself by someone from that group. Ideas are the currency that keeps Irish business alive. Business cards are usually handed over at the performance.

One potential obstacle you may encounter are so-called “gatekeepers” – usually in the form of secretaries – who filter out visitors for their senior employees. Most of the time, you can’t necessarily see the underlying criteria, but maybe it’s the lack of a network. Therefore, first analyze the relationships within the company or find out who is responsible for the important decisions and build up the necessary social network in advance. Before the negotiation process can begin, a foreign business partner should first establish a relationship of trust.

The small talk at the beginning of a meeting is particularly important, although you should avoid topics such as religion, terrorism or domestic politics. Ireland’s relationship with Great Britain and the Northern Ireland conflict are also not good topics for small talk, while general well-being, sports (especially rugby) and the weather are good topics.

Be sure to allow enough time for negotiations, as it can take quite some time to finalize a deal. Bring patience. An unprepared business meeting will often prove useless.