Foreign-owned firms are very important to the Irish economy. Almost 1,200 foreign MNCs employ about 120,000 people in Ireland on a permanent basis, equivalent to over 11 per cent of all private sector employment. Exports from these firms amount to almost 50 per cent of Irish GDP. The equivalent figure for the UK is in the region of 25 per cent. Forfas (1998) shows that these firms had turnover of £25.7 billion in 1996 and spent £10.4 billion in the economy. These figures are growing at over 20 per cent each year. Almost 24 per cent of this ex­ penditure is in the form of wages and salaries, with 43.5 per cent be­ ing spent on Irish services.