Microsoft has reclaimed its position as Ireland’s largest exporter by knocking off Google from the first place. The latest list of top 250 exporters published by the Irish Exporters’ association revealed that Microsoft’s export turnover in the “tax haven” nation has increased to a whopping €18.2bn from last year’s €15bn.
Google Ireland was holding the top spot so far with a turnover of €17bn, but now with Microsoft moving up, the tech-giant has dropped down to the second spot. Added to this, Johnson & Johnson, Ingersoll Rand, and Medtronic Ireland also followed up with a combined export of €37bn.
Tech companies play major role in Ireland
However, the noticeable fact is, among top 20 companies, nine of them belong to Information and communications technology segment while seven come from medical and pharmaceutical areas.
Simon McKeever, the chief executive of Irish Exporters Association claimed that Irish exporters have played a significant role in the recovery of country’s economy.
He highlights the fact, that there have been some favorable developments that have helped in making Irish exports more competitive, but the basic reason behind this success of the economy is the strong foundation of quality, innovation, and cost competitiveness.
Currency risks ahead
“However, a weak sterling and dollar will not remain a constant and we need to grow exports in more diverse markets in tandem with ensuring our competitiveness is not comprised by pressures on wages and other input costs in what remains a crucial stage in Ireland’s economic recovery”, McKeever added.
From an Irish standpoint, so McKeever, “Microsoft has shown tremendous performance and has nudged the competition with complete proficiency.”