Vol. 500 No. 4
59 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the position regarding overseas investment inquiries; the likelihood of this leading to job creation in the near future; and if she will make a statement on the matter. [4242/99]
124 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment if her Department has monitored the levels of industrial investment from overseas; if trends have emerged which show particular advantages arising from this evaluation; and if she will make a statement on the matter. [4423/99]
I propose to take Questions Nos. 59 and 124 together.
IDA Ireland is the Government agency responsible for the promotion and attraction of foreign investment into Ireland and it monitors the level of overseas investment and reports to my Department and to the Government on an annual basis.
A total of nearly 16,000 new jobs were created by IDA backed companies during 1998. This is the highest ever job creation outcome in one year and means that overseas companies have more than doubled their annual rate of job creation in the past ten years. The 1998 experience continues the positive trend of recent years.
A total of 128 investment projects from overseas companies were negotiated during 1998, 66 of these were new, greenfield projects while the remaining 62 projects came as expansions of overseas companies already established here. In addition, 115 projects were secured for Dublin's International Financial Services Centre (IFSC). This is well in line with the ambitious and expansionary targets set for the year and will contribute strongly to new job creation over the next three years or so.
Overall, net growth in total employment in IDA backed companies, at 8,785 jobs, shows an 8.2 per cent increase, with 115,846 people now employed in 1,137 companies.
The monitoring of industrial investment from overseas companies shows the best performing sectors continue to be the electronics/engineering companies, which created over 7,000 of the new jobs and the rapidly growing international services sector where companies in software, telemarketing, financial and shared services created over 6,500 of the new jobs, a 50 per cent increase in job creation levels in one year.
IDA Ireland is optimistic that it will continue to secure a good level of job creation from overseas companies by targeting inward investment opportunities across a range of key segments of industry. As foreign direct investment markets change, IDA Ireland will, of course, adjust its strategies and focus accordingly.
