IDA: Regional investment up 50pc

Inward investment agency IDA Ireland has revealed that some 112,373 jobs were created over the past five years and that regional investments increased by 50pc in that time.

In 2019, 21,844 new jobs created in 250 projects in FDI companies. Half of investments were first time investors.

Employment in IDA client companies has now reached 245,096, the highest ever number employed in the multinational sector.

“75,635 jobs were created outside of Dublin over the past five years leading to 33,118 additional direct jobs (net) on the ground in regions at the end of this strategy”

In 2019 some 250 investments yielded 21,844 new jobs, the final year of IDA Ireland’s current strategy.

Considering the number of jobs lost in the period (8,745), the net gain for the year was was 13,867 additional jobs.

Regional investments

IDA Ireland CEO Martin Shanahan said that regional investments by IDA client companies increased 50pc over the past five years.

“Our value proposition continues to be strong, we are well positioned as a gateway location to Europe and are committed members of the EU. We are business friendly and supportive. Talent continues to be an important asset. ”

“75,635 jobs were created outside of Dublin over the past five years leading to 33,118 additional direct jobs (net) on the ground in regions at the end of this strategy,” said Shanahan.

“110 investments were won for regions in 2019 with 5,368 net jobs created. Every region hit the five-year strategy targets of a 30pc uplift in investment we set out to achieve and three regions – the Mid-West, Mid-East and South-East exceeded 40pc of targets. Investments in the Border region increased threefold since the outset of the strategy. 

“This is clear evidence that our deliberate and focused strategy of targeting investment for regions is paying off. That includes our Regional Property Programme which has delivered seven of 11 planned advance building solutions – technological or office buildings – to offer investors attractive turnkey building solutions in regional locations. All seven of the buildings completed are now occupied by businesses, demonstrating the success of this strategy of stepping into the market where we see opportunity and can secure clients when the necessary properties aren’t being provided by the private sector.

“The regional impact that FDI is having in Ireland is especially positive,” said Heather Humphreys, TD, Minister for Business, Enterprise and Innovation. “The Government has made regional development an absolute priority and that commitment has produced real results.

“The ambitious target of an increase of investment in every region of 30pc-40oc has now been met. We now have more people employed by IDA companies outside Dublin than ever before. Our focus in the coming period will be growing those numbers even further and ensuring that the benefits of FDI continue to be felt right across the country.”

Looking to the future, Shanahan said that the IDA has no intention of resting on its laurels as Ireland faces into a new future in terms of the UK’s Brexit from the EU and the challenges that presents on a global stage.

“The FDI performance over the past five years has been unprecedented. My expectation is that this strong performance will continue into the first half of 2020. As we finalise our strategy for the period 2020-2024, which will be launched soon, we observe significant downside risk in the marketplace over the next five-year period.

“Those risks emanate from the possibility of an economic correction in key source markets, continued trade tensions, subdued global economic growth and from domestic challenges related to competitiveness and the carrying capacity of the economy. We have developed our new strategy to, as far as possible, withstand the challenges of global political and economic uncertainty.

“Our value proposition continues to be strong, we are well positioned as a gateway location to Europe and are committed members of the EU. We are business friendly and supportive. Talent continues to be an important asset. Being competitive is more important than ever for our client companies to continue to grow and develop and as Ireland expands its footprint across the globe, seeking out new markets to win investment,” Shanahan said.

To see Martin Shanahan’s full presentation, click here

Written by John Kennedy (john.kennedy3@boi.com)

Published: 9 January, 2020