That is according to a survey of Irish chief executive officers published last week by professional services firm Pricewaterhouse Coopers.

The number of CEOs of multi-national corporations considering investing further in Ireland dropped by seven points but still remains high at 63%. However over three quarters (77%) of them believe we are capable of only attracting "limited forms of FDI" (Foreign Direct Investment).

The survey also reported considerable anger among CEOs at the costs of doing business here with almost two thirds of respondents (64%) considering regulatory costs to be higher in Ireland then the rest of the world.

Cost control remains the single greatest challenge to Irish business with over half of respondents highlighting its importance. The next highest concern was staff recruitment and retention which was reported by 13% of those surveyed.

The quality of Ireland's transport infrastructure continues to be among the greatest frustrations of the business community here.

Their verdict will make disappointing reading for Iarnrod Eireann, the airport authorities and the National Roads Authority. Close to nine out of every 10 CEOs surveyed (89%) expressed total dissatisfaction with Irish road infrastructure making it the largest complaint within the Irish business environment. Air infrastructure was also high on the dissatisfaction scale with 84%.

The rail system was still heavily criticised with 79% dissatisfied but this is a drop of 10% on the 2006 figure.

59% of CEOs also said they were less then happy with the Irish telecommunications system.

A mere 5% expressed dissatisfaction with the corporate tax regime in operation here.