2026-01-22

At a pivotal time of instability in the world, Ireland has a unique opportunity. Ireland is in a strong position internationally as a committed member of the European Union and with our diplomatic and trading relationships with the United States, the UK and China. We occupy a space that few small countries can match. We are a country that can bring people together and create the conditions for constructive engagement. The Minister of State may have seen that yesterday it was reported that the current co-chair of the World Economic Forum, Larry Fink, said that the World Economic Forum should start something new by meeting in places where modern industries are actually being built. He specifically named Dublin as a prime example of where the World Economic Forum could find itself. Dublin is a bustling working city where the people who are shaping the global economy live. Ireland is one of the most business-friendly locations in Europe, underpinned by a Government committed to supporting enterprise innovation. Ranking as the most competitive economy in the eurozone and seventh most competitive globally, Dublin has firmly established itself as a global centre for financial services. There are now over 430 internationally focused financial service companies operating here, employing more than 50,000 people. Among them are 17 of the top 20 global banks and 11 of the world's 15 largest insurance companies. Their presence means that Ireland has become one of the largest exporters of financial services in the European Union and, indeed, the world, according to data from the World Trade Organization. Dublin was recently ranked first in Europe for economic potential in the fDi Intelligence major European cities of the future report. The city is also placed second overall, accounting for its strong business friendliness and FDI strategy. We are a transatlantic gateway with direct access to both the European and North American markets. As the only native English-speaking country in the European Union, Ireland provides a unique advantage for global firms navigating European operations. The city is also one of the most globally connected, connected by Dublin Airport, which is one of the top 20 in the world. I echo the words of the Prime Minister of Canada, Mark Carney, where he set out how middle-sized countries are not without influence. They can help shape a global order grounded in respect for human rights, sustainable development and the sovereignty of states. Ireland has been doing this since the foundation of the State, and we must continue to ensure that we are using our voice, our relationships and our credibility to contribute meaningfully to that work. We have always understood the value of engagement, whether through our role in the European Union, our peacekeeping records, our development partnerships or our diplomatic ties across continents. Ireland has consistently shown that constructive participation can make a difference. That approach is needed now more than ever. Mark Carney said at Davos: We shouldn't allow the rise of hard power to blind us to the fact that the power of legitimacy, integrity and rules will remain strong - if we choose to wield them together. The World Economic Forum has been held in Davos since 1971. The co-convenor has said it is time for the forum to move to a working hub and not a showcase city. The forum wants to remain relevant to the real economy. With Dublin being among the most connected and competitive cities in Europe, we really should seize this opportunity. Will the Government take up this call to potentially have Dublin as a future host of the World Economic Forum?

I thank the Deputy for raising this Topical Issue and for outlining the position in terms of commentary regarding Ireland and Dublin in the press this week. The World Economic Forum is an independent international organisation that was founded back in 1971. The forum states that its mission is to improve the state of the world through public-private co-operation. As the Deputy outlined, the forum's annual meeting is one of a few global moments in which the most powerful government and company leaders and business executives convene in the same place with a shared focus on growth, innovation and long-term economic resilience and their impact on both global trade and investment opportunities. The Taoiseach arrived in Davos yesterday and noted its importance as an opportunity to meet with international and business leaders to discuss how we can best work together to address geopolitical and economic challenges. As part of the Taoiseach's itinerary, he addressed the annual IDA Ireland dinner last night at the forum. Also in attendance at Davos is the Minister, Deputy Peter Burke, who is engaging with many chief executives of multinational companies already operating in Ireland, CEOs of companies with potential to invest in Ireland in the future and international leaders. As the Deputy noted, Ireland continues to be seen as a really attractive location for FDI. That is reflected in IDA Ireland's most recent results, which show it secured 323 investments in 2025. This was the highest ever number and a 38% increase on 2024. I agree with the Deputy that when we hear people like the co-chair of the World Economic Forum mentioning Dublin when talking about alternative locations for the forum's annual meeting, it reflects the position of both Ireland and Dublin and how we are seen by many leaders as a place where global decision-makers are very comfortable. It also positions Dublin as a credible destination that offers stability, a strong regulatory environment and a genuinely international outlook. As well as the his work previously with Dublin City Council, as Lord Mayor of Dublin and speaking on behalf of the citizens of Dublin here in the Dáil, the Deputy is making a very pressing case for Dublin to host the annual meeting of the World Economic Forum. However, it is important to state there has been no official contact by the forum with the Government. Were an approach to be made, it certainly would be considered by the Government. It would be important to reflect on such a proposal. There would be a number of factors to consider in staging such a large event, but Ireland has shown in the past that it is very much capable of managing major events. I have no doubt this would be the case again. The idea of Ireland hosting the annual meeting of the World Economic Forum is reflective of our economic ranking. A recent article in The Economist referred to Ireland's position as a highly connected global economy that attracts investment, talent and ideas from every corner of the world. Those qualities will underpin any discussions we might have. Hosting the annual meeting would be an opportunity to promote our economic success.

It is really important that we demonstrate ambition and hold up our hand. Our holding of the EU Presidency this year could well be a very good dress rehearsal that enables us to present Ireland in the light in which many of the millions of people working every day of the week in this country see it and who are so proud of what Ireland is, what it represents and of our culture and values. For perhaps the first time in a very long time, the World Economic Forum reminded us yesterday that there is a bit of hope for the world in which most of us, collectively in this Chamber, believe. Mark Carney set out that the old order is over but that the new one we are trying to create does not mean we get rid of all the foundations that made a world that was the kind of one we wanted it to be and created wealth in ways that were deemed unimaginable decades ago, largely built upon an open, free trade model that has been so successful for this country. Who better to promote that market economy than a country like Ireland that has benefited so well from it? As the Minister of State said, it speaks to what we have achieved in this country that we would even be talked about in this vein and that Dublin could host one of the most significant global summits. It speaks volumes that this was suggested by the co-convenor of the forum, who is co-founder of a company, BlackRock, that has many employees based in Ireland. I am very glad that the Government will seize this opportunity, should it arise, and that it is ready to take on that ambition.

I again thank the Deputy for raising this important topic. He has made his case very articulately and has demonstrated as well as anybody could the positive impact global international trade has had on this country in terms of our economic growth and our resilience over the past number of years. It is important that Ireland continues to have a presence at Davos. It underscores our position as a stable, pro-enterprise, pro-business and innovative economy and as a trusted partner for many large, powerful companies and for global leaders who want to engage with Ireland as they navigate technological changes, geopolitical challenges and talent transformation. From engaging with IDA Ireland within the Department, I know events like the annual meeting of the World Economic Forum are very important. It affords high-leverage opportunities to engage directly with senior decision-makers, current clients and priority target companies. This is important at a time when strategic investment decisions are actively being shaped. That is a challenge we have endured in recent months, especially with the trade tariffs and the tension they bring between the EU and the US and to many other trade agreements. Hosting the annual meeting of the World Economic Forum, involving a co-ordinated engagement between the Government, IDA Ireland and a flagship event involving some of the world's most influential companies, would deepen our senior relationships and reinforce confidence in Ireland. We certainly would like to see the proposal advance to a more concrete outcome that would support our economy, jobs, growth and competitiveness into the future.