Ireland, like much of Europe, realizes that the credit-fueled excesses of the past are now over and a more tangible economic model must emerge. It is very much about countries learning to pay their way in the global marketplace.
The Irish industrial strategy centers on transitioning manufacturing to increasingly complex, high value-add operations that are knowledge, skills and capital intensive. This transformation, in conjunction with foreign direct investment, has been vital for stimulating the economy and fueling a vibrant rebirth of the sector.
As the only European country to show month-to-month growth in its factories, Ireland has established itself as the new focal point of global manufacturing. This insight seems to contrast with conventional perceptions that manufacturing activity is only expanding in emerging markets such as China or recovering economies such as the U.S. and Eastern Europe.
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