The Irish economy continues to struggle but PayPal’s recent plan to create up to 1,000 jobs here has cemented our growing reputation as the European hub for US online firms, including Twitter and Facebook.
The online payment group already employs 1,500 people at its Blanchardstown Centre of Excellence in Dublin. The jobs just announced will be based in Dundalk near the border with Northern Ireland. PayPal set up its European headquarters here in 2003 investing €15m in that initial project.
Despite an unemployment rate of 12.4 per cent, February has seen a significant upsurge in job creation across the Republic with most new positions being in the financial services and high-tech sectors.
Most commentators stress that Ireland’s low corporation tax regime and educated workforce are behind this continued inward investment.
Louise Phelan, vice president, PayPal, said the company had considered other foreign locations but had opted to stay with Ireland.
All this is on top of other very positive news from companies such as HP which has just announced a further 280 new jobs; healthcare firm Abbot which is creating 175 jobs and MasterCard which has decided to locate its new global headquarters for its technology operations in Dublin with 130 new jobs over the next four years.
Barry O'Leary, chief executive, IDA (Ireland's Industrial Development Authority), said the PayPal investment was a “clear endorsement of Ireland’s attractiveness to multinational investors”.
The Taoiseach (prime minister), Enda Kenny, added his voice when he said: “It is a clear recognition of the opportunities that Ireland offers global leaders like PayPal.”
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