Cork's Economy

Cork, the capital of the South of Ireland and the Republic of Ireland's second largest City region, is a hub of economic, industrial, research and business development. Cork's welcoming and outward looking approach has resulted in Cork achieving many notable awards over the past number of years. Over the past 25 years, Cork has consistently attracted many of the world's largest companies to locate within the region and is now home to global market leaders in pharmaceuticals, healthcare, ICT, biotechnology, professional services and international financial services.

A competitive business environment offering Corporation Tax rates of 12.5% for trading, Cork is the chosen European manufacturing and services location for the worldwide operations of such major corporations as Pfizer, Novartis, GlaxoSmithKline, Eli Lily, Schering Plough, Apple Inc., Boston Scientific, Stryker, Johnson & Johnson, EMC, Amazon, Bank of New York Mellon and Citco.

Cork is a dynamic, research oriented University city with a third level student population in excess of 35,000 students. Cork also possesses a number of world renowned research institutes such as the Tyndall National Research Institute focusing on photonics, electronics, materials, nanotechnologies and ICT; the Alimentary Pharmabiotic Centre pioneering the disciplines of gastrointestinal health; Moorepark Dairy and Food Research Centre, in addition to six of the twenty significant green research centres on the island of Ireland.

With an international airport and a thriving passenger and cargo port, Cork enjoys direct access to European destinations and to the principal European hubs such as London, Amsterdam and Paris, making it a strategic gateway to Europe. Similarly, Cork is linked to Dublin via a high quality motorway, and plans are in progress to connect Cork to the cities of Limerick and Galway via a similar motorway corridor. Cork is also serviced by a modern and frequent intercity rail link and commuter rail service.

Cork Harbour is Europe's largest natural harbour and the Port of Cork utilises this asset by providing Ireland's only multi-purpose deep sea port facility. The Port provides direct Ro-Ro services to Scandinavia, the Mediterranean and West Africa in addition to frequent ferry services to the UK and France. The Port also has significant development plans for a new port facility on the lower harbour which will have the capacity to handle some of the largest vessels in the world. This is a significant advantage to companies involved in manufacturing as it facilitates the efficient and timely transport of goods globally.

Cork offers a safe, welcoming, and friendly location with the perfect lifestyle balance. The city is compact and free from urban sprawl with unspoilt mountains, lakes, rivers, beaches and the spectacular Atlantic coastline just a short drive from the city centre. Cork has a rich cultural heritage, is a festival city and was European Capital of Culture in 2005. At the close of 2009, the City's international appeal was again recognized by the selection of Cork by leading Travel Guidebook, Lonely Planet, as one of the Top Ten cities in the world to visit in 2010 –“Lonely Planet's Best in Travel 2010. More recently, Cork city has been listed by Yahoo China as one of the top ten tourist cities to visit globally in 2010.

Cork's industrious past and progressive approach to current challenges will ensure that the region is ready to capitalise on future economic opportunities. The commitment of all stakeholders in the region to create employment and assist enterprise at a local, national and global level builds upon the strong fundamentals of the regional economy and Cork is looking forward to the opportunities that exist in the global economy.