Indigenous Firms (Leaving Cert Business): Revision Notes

Indigenous Firms

Importance of Indigenous Firms

Indigenous Firms are important to Ireland for a variety of reasons including:

• Loyal to Ireland: Indigenous firms are deeply rooted in Ireland and are more likely to make decisions that benefit the local economy and communities. Their loyalty to the country ensures that profits and investments are often reinvested locally.
• Provide local benefits: These firms create jobs for Irish citizens, support local suppliers, and contribute to community development through various initiatives. They help stimulate the local economy directly.
• Create entrepreneurial role models: Successful indigenous firms inspire other local entrepreneurs by demonstrating that it is possible to build thriving businesses in Ireland. This fosters a culture of innovation and entrepreneurship.

• Lower reliance on foreign direct investment: By having strong indigenous businesses, Ireland can reduce its dependence on multinational corporations. This makes the economy more stable and less vulnerable to global market fluctuations.
• Improve balance of payments: Indigenous firms often export goods and services, bringing in foreign currency and improving the country's balance of payments. This helps maintain a healthy economy by balancing imports and exports.

*Kerrygold is an indigenous firm that imports Irish butter around the world *