Annual Competitiveness Report Published

The Minister for Enterprise, Trade and Employment, Mr. Micheál Martin T.D., was today (Wednesday 7 September 2005) presented with the National Competitiveness Council’s annual report for 2005. The report, prepared under the guidance of the NCC’s Chairman, Dr. Don Thornhill, charts Ireland’s competitive position against its international peer economies and competitors.

Commenting the Minister said, “The Annual Competitiveness Report notes that Ireland performs well internationally on a wide range of indicators including Investment in infrastructure, Corporate and personal tax rates, Openness to trade and investment, Attraction of FDI, rates of entrepreneurship and the availability of Science and Technology graduates. However, there clearly is room for improvement in areas such as the productivity performance of relatively sheltered sectors of the economy, high cost levels, Ireland’s relatively low levels of investment in education and R&D, and a relatively low perception of infrastructure quality”.

Commenting further, the Minister said “This year’s annual report from the NCC presents us with clear challenges about competitiveness. Protecting the prosperity dividend depends on winning business in international and global markets but we are up against unprecedented competition. Protecting the dividend of prosperity in terms of jobs and incomes means we can’t afford to let any of our competitive advantages slip”.

The Annual Competitiveness Report is a statistical document, which will help shape further analysis to be contained in the NCC Competitive Challenge report due for publication in the Autumn. “When I receive the NCC’s analysis and recommendations I look forward to bringing to Cabinet policy options that will help enterprises become stronger. Our economy has the capacity to be far more competitive if we concentrate on accelerating productivity growth” the Minister commented.

Concluding, Minister Martin noted ”the partnership talks now getting underway will strongly influence our competitiveness and economic progress over the next few years. We need to have a shared understanding that a successful society needs a dynamic economy, which constantly responds to the evolving demands of international competitiveness. In common with other advanced economies, progress will rely on stronger productivity growth, flexibility and adaptability right across both product and labour markets. Productivity improvements can help us regain the higher ground international competitiveness.”

Ends

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