IN BRIEF:ONLY 3 PER CENT of Irish chief executives believe the State's future prospects are favourable, according to a survey of 220 business leaders carried out in January and February this year.
The CEO Pulse survey by PricewaterhouseCoopers found an overwhelming majority (84 per cent) were unhappy with the overall cost of doing business here, with labour costs being a major concern. However, nearly 75 per cent believed these would decline or remain the same over the next 12 months.
Most are making moves to rectify the situation, with 86 per cent undertaking cost reviews and 80 per cent restructuring their businesses.
Corporate tax policy remains important with 77 per cent stating satisfaction with the corporate tax regime and a majority of the chief executives of multinationals believe Ireland can still attract certain forms of investment in the future.
However, 49 per cent said that we needed to introduce more favourable intellectual property tax rules while 22 per cent said the availability of research and development tax credits was important.
Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan said the survey "will help bring greater insight in developing a plan to restore Ireland's competitiveness as well as building a strategy for the return to economic prosperity".
Ronan Murphy, senior partner with PwC said: "There are a number of positive sentiments emerging which can ensure Ireland remains an attractive location in which to invest and do business. For example, the survey highlights the importance of Ireland's favourable tax regime and, with our strong talent pool, confirms that the fundamentals for continued investment remain strong."
