The article throws light on the industrialization and regional development in Ireland between 1958-72. Ireland lagged in industrial growth not only far behind Great Britain but also the rest of Northern Europe. Owing to the inability of the Irish Government to engender a viable economy, the 1950s were years of economic, social and psychological depression. In 1958 the first program of Economic Development was launched, marking the cessation of hostility toward foreign investment and the dismantling of protectionist barriers. The new economic strategy, implemented under the aegis of the Industrial Development Authority (I.D.A.), called for vigorous encouragement of foreign industry and promotion of a healthy export oriented economy. in Ireland the incentives surpass those offered elsewhere in Europe. Foremost among those are non-repayable cash grants for the cost of fixed assets of up to 35 per cent of the total cost. To promote a more harmonious regional balance the I.D.A. adopted a strategy of economic decentralization, meaning the discouragement of further industrialization in the immediate Dublin, Ireland, area.