The chief executive of employers' group Ibec has said proposed changes that may see a global minimum corporation tax rate agreed could create some opportunities for Ireland.

Danny McCoy said if corporation tax globally is relatively homogenous, then it can not be undercut by new aspirants.

Mr McCoy made his comments at The Business Show online conference.

"That's relatively good news, but we have to then compete on non-tax things, like investment in our infrastructure, particularly in our educational infrastructure, our housing and societal sustainability issues," he told the conference.

Mr McCoy said these changes, coupled with others coming out of the US, could lead to both the corporation tax and the direct engagement models that Ireland has built its foreign direct investment system around come under challenge.

"I think that is the big challenge for the next couple of years, that if we don't proactively engage on this there will be big challenges," he said.

"But there probably is, if we put our heads together, a way to make lemonade out of lemons," he added.

On the post-pandemic recovery, the Ibec boss said that while demand will be strong, supply could continue to be constrained for some time.

"We are going to see an awful lot of inflation in all its forms," he predicted.

He said this would not only take the form of higher prices but also the continued rationing of lots of things, including experiences.

"That will continue to be a source of frustration," he claimed.

In relation to the question of reopening, Mr McCoy said businesses were now going to have to challenge the notion of "abundance of caution" , "taking our time" and "getting back slowly".

In relation to the question of reopening, Mr McCoy said businesses were now going to have to challenge the notion of "abundance of caution" , "taking our time" and "getting back slowly".

He said there is even a distinction within the business community between those who are open and those that are closed.

"Even within the business community the 'all in it together' part doesn't hold anymore," he said.

Trinity College immunologist Professor Luke O'Neill

Meanwhile, Trinity College immunologist Professor Luke O'Neill has said that consideration should be given to production of Covid-19 vaccines in Ireland.

Speaking to "The Business Show Rebooting Ireland" conference taking place online today, the scientist said it would take a good few months to turn a factory here into a vaccine making factory, but it could be done.

"I'd love the Government to be a bit more punchy in terms of getting more vaccines into Ireland," he said, adding that one way of achieving this would be for the Government to do a deal with Pfizer to subsidise manufacturing of the vaccine here.

However, he said the difficultly for the pharma sector is that its plants are already being used to manufacture other medicines.

"On the other side, I'd say the Government should be going to Russia and China to buy some vaccines, that is probably more feasible," he claimed, adding that Hungary had done a deal with Russia to buy vaccines.

He said there is now lots of data on the Russian and Chinese vaccines and they have been used on millions of people.

"I'd be knocking on the door because the only way we can get the economy back in Ireland and the rest of the world is through vaccination, there is no doubt about that," he said.

"Mission one is to get as many people vaccinated, so I'd be more aggressive in terms of trying to get more vaccine into Ireland," he told the conference.

Professor O'Neill also predicted there will be a need for booster vaccines because of the variants.

"So why don't we set up a factory in Ireland, even if it came online in 12 months' time, there is going to be a big market for these vaccines into the future, there is no doubt about that," he said.