US financial magazine Forbes has voted Ireland as the "best country for business" in the world.
This is the first time Ireland has reached number one, moving up six positions since last year.
The rankings are determined by grading 145 different countries on factors such as innovations, taxes, technology, property rights, red tape and stock market performances.
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Each category is weighted and data comes from published reports from the following organizations: Freedom House, Heritage Foundations, Property Rights Alliance, Transparency International, World Bank and World Economic Forum.
"Despite these economic troubles, Ireland still maintains an extremely pro-business environment that has attracted investments by some of the world's biggest companies over the past decade," says the magazine.
"Dublin has already established itself as a location for multinationals, so it has the necessary infrastructure for other companies to easily move into the country and set up shop."
Ireland remained a professional business country that continued to attract investments from some of the world's largest businesses over the last 10 years, according to the magazine.
The new ranking will give the country a healthy boost as it prepares to exit the bailout program at the end of the year.