Ireland is the fifth most attractive country in the world for foreign investors, according to new figures released by BDO.

Ireland has jumped two places year on year in the latest BDO International Compass, which measures the attractiveness of a country based on economic, politico-legal and sociocultural metrics.

Some of the factors that contributed to Ireland’s improved ranking is the country's high level of education, strong infrastructure network, strong digital framework, and stable regulatory environment.

The UK has dropped one place to eight, according to the IBC ratings.

The findings have been released alongside a new BDO report titled Business in Ireland – A Route Map. BDO says the publication is aimed at providing information about the business landscape in Ireland.

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The report provides an overview of all the important business areas companies need to consider when operating in Ireland,  such as how to set up a legal entity, an overview of the key tax principles, acquisition procedures and employment regulations.

Speaking about the results of the BDO International Compass, BDO Ireland managing partner Michael Costello noted that Ireland was continuing to improve its position in a number of key areas.

“Ireland is a very good place to do business and it shouldn’t really be a huge surprise to see us being so competitive on a global level,” Costello stated. “While many predict that Brexit will negatively impact Ireland, it’s entirely possible that aspects of a new arrangement could actually help us improve our global competitiveness.

“Some sectors will definitely be impacted, such as manufacturing, food and agricultural industries. However, it could open up opportunities for financial services, as well as improve Ireland as a proposition for FDI.”

Photo: Michael Costello, Brian McEnery and Kevin Doyle (right), BDO, with business minister Heather Humphreys