Monday, November 18, 2013 02:58 PM IST (09:28 AM GMT)
Editors: General: Economy, People; Business: Banking & financial services, Business services, Information technology, Major diversified industrial groups, Media & entertainment
Richard Bruton TD, Ireland’s Minister for Jobs, Enterprise and Innovation Visits India
Mumbai, Maharashtra, India, Monday, November 18, 2013 — (Business Wire India) — Announces Aditi Technologies and Synowledge as the latest Indian businesses to invest in Ireland
They join HCL Technologies, Wipro, Wockhardt, Reliance, Ranbaxy, Crompton Greaves, Ranbaxy, DQ Entertainment, Tata Consultancy Services, ArisGlobal and Firstsource
Richard Bruton TD, Ireland’s Minister for Jobs, Enterprise and Innovation, is leading a joint delegation to India from 17th November to 21st November, 2013, visiting officials from key Indian companies interested in expanding operations into the European market. As part of the agenda, Minister Bruton will also meet Anand Sharma – Minister of Commerce & Industry, Government of India to discuss trade and investment links along with the inbound and outbound FDI policy between Ireland and India.
During the visit, the Minister announced that IDA Ireland, Ireland’s government agency responsible for inward FDI has secured two Indian business wins this year in the form of home-grown Bangalore based companies- Aditi Technologies, a cloud computing technology services company and Synowledge, a global provider of drug safety, regulatory affairs, biometrics, clinical, and IT related solutions. By choosing Ireland as a green field operation hub and European headquarters, Aditi Technologies and Synowledge are setting a new precedent among Indian companies in their approach to outward investments; akin to US MNCs such as Google, Airbnb, Apple etc.
On choosing Ireland as a strategic gateway to expand into Europe, Alok Bajpai CFO & India Head, Aditi Technologies said, “Our Europe business is growing more than 50% a year with some of Aditi’s largest customers based in UK. With a stabilised and agile team in London and Dublin, we would have the necessary wherewithal for expansion into Europe. Ireland’s investor friendly policies, close proximity to continental Europe and membership of the EU fit perfectly into our expansion strategy. Aditi, as a leading provider of cloud services, is looking forward to augmenting local talent for consulting and engineering complex deployments on the cloud, as our business continues to grow in Europe.”
Antra Bhargava, Global Vice President – Finance, Legal, and Human Resources of Synowledge said; “Having grown exponentially since we began operations in 2009, Synowledge was proud to be recognized as one of the fastest growing private companies in the United States in 2013. This growth is based on our focus on excellence, our people and our clients. Managing such dynamic change has been possible because of our ability to strategically locate our people and our office to best serve our clients. Ireland was a logical choice for our ‘Rest of the World headquarters’ to seamlessly connect with our US HQ and our delivery centers in Europe, India and Japan. Being in the drug safety, IT and regulatory affairs fields, Ireland as a hub for the global life science sector and its cosmopolitan talent pool, were also key factors in our decision. We are confident that Ireland will add value to our clients and further fuel our growth trajectory.”
Speaking on the visit, Minister Richard Bruton TD, Ireland’s Minister for Jobs, Enterprise and Innovation said “India is a crucial trading partner for Ireland and the trade between both the countries reached an all-time high of 2.3 billion in 2012, which was a 24% increase from 2011. Given that both India and Ireland pride themselves on the quality of research, innovation and knowledge intensive talent capabilities, we will continue to leverage these synergies in establishing Ireland as a preferred partner for Indian companies focused on impacting their long term business goals.”
India is pivotal in IDA Ireland’s emerging markets growth strategy. Having established its presence in the country in 2008, IDA Ireland India has been consulting not only conglomerates and multinational corporations but also early stage, fast growing companies from India.
Ireland is home to world leaders in sectors such as life sciences, technology, medical device manufacturing, financial services. Its attractive corporation tax rate of 12.5%, English speaking and knowledge intensive talent and strategic location advantage makes Ireland a preferred choice for companies across sectors. Some of India’s largest and best known companies have operations in Ireland such as HCL Technologies, Wipro, Wockhardt, Reliance, Ranbaxy, Crompton Greaves, Ranbaxy, DQ Entertainment, Tata Consultancy Services, ArisGlobal and Firstsource. Total employment in Indian owned companies operating in Ireland is almost 3000 professionals.
Ireland Fast Facts-
— Ireland is the only English-speaking member of the Eurozone and provides an excellent location for accessing the European market
— Access to a talented and young workforce – Over 50% of Ireland’s population is under 35 and over 60% of students go on to higher education
— Free movement of Labor in the EU allows companies access to 500m skilled labor pool and Non-European internationals can be recruited if necessary because of the streamlined visa programme.
— Low business taxes with a favourable rate of 12.5% for Corporation Tax and an established base for overseas investment over many years
— Convenient time zone (4.5 hours behind) pegs Ireland as a link location for the USA and India
— Ireland has become a more competitive location since the downturn in the economy, with falling property and labour costs. Ireland has excellent property solutions and an efficient bureaucracy-free legal system, which means a company can be incorporated and a structure put into place very quickly
— Ireland scores highly in the following business rankings:
– 1st for ease of doing business
– 1st for Corporation Tax
– 1st for the availability of skilled people
– 1st for inward investment by value and quality and second for inward investment per capita
– 2nd most attractive country for attracting investment globally
– Best location to invest in Western Europe
– Top 10 of easiest places in the world to do business
– Dublin is ranked the best city in the world for human capital
— Ireland is dubbed as the Digital Capital of Europe hosting operations of 10 of the top Internet companies. Tech giants Google and Facebook have their international headquarters in Dublin, along with other big brand names such as LinkedIn, Twitter, PayPal, Amazon, Zynga amongst others
— Nine of the top ten global and 25 of the top 50 global pharmaceutical companies have operations in Ireland – predominantly involved in development and manufacturing (D+M) including Pfizer, Merck, Lilly, Gilead, Novartis, Shire Allergan and Indian companies Reliance, Ranbaxy and Wockhardt.
About IDA Ireland
Ireland’s inward investment promotion agency, IDA Ireland (Industrial Development Agency) is responsible for the attraction and development of foreign investment in Ireland. For more information please visit www.idaireland.in.
About Aditi Technologies
Aditi Technologies is a ‘Cloud First’ Technology Services company. The company has helped over 150 companies transform and run their business with cloud platforms across IaaS, PaaS and SaaS. Aditi specializes in cloud workloads across IaaS migration, SaaS enablement, Data Orchestration, and Mobile Workloads for product companies, e-commerce, media and travel verticals. For its work and culture, Aditi Technologies has been recognized as one of the Top 3 Microsoft Cloud Partner for 3 years in a row and voted as a Top 10 IT Workplace by the Great Place to Work Institute.
Synowledge is a global provider of Drug Safety, Regulatory Affairs, Biometrics, Clinical, and IT related solutions to small, mid and large sized pharmaceutical, biotechnology, and medical device companies. Its comprehensive outsourcing solutions combine the unique strengths of both onshore and offshore services to meet our clients’ needs. With more than 20 years of industry experience, our core team members have worked with leading pharmaceutical, biotech, medical device, and health care provider organizations. Synowledge is headquartered in Stamford, CT, USA with operation facilities in 7 locations across Europe, North America, South America, and India. For more information, please visit www.synowledge.com.