IDA Ireland is the agency with statutory responsibility for the attraction of foreign direct investment to Ireland and its regions. While the Exchequer provision for IDA capital grants in 2004 of €81.835 million is 9% lower than the 2003 allocation of €90.266 million, IDA Ireland advises that the agreed allocation is sufficient to meet expected demands in 2004 for the following reasons: there has been a trend in recent years to negotiate grants at lower rates than heretofore applied; the value of the grant negotiated is, in many cases, less important than other factors; EU guidelines are having an effect also on the value of grants that can be offered.
With regard to IDA Ireland activity in County Louth I understand the first phase of development of the IDA's new business and technology park adjacent to the south Drogheda intersection with the new M1 motorway is nearing completion, that the agency has received planning permission for three office blocks totalling 133,000 sq. ft. on the park and that it intends to seek a developer for the provision for the first of these buildings early in 2004. IDA Ireland is also actively marketing a number of units which are being provided by private developers at Donore, Newgrange and other business parks.