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Foreign Direct Investment

Dáil Éireann Debate, Thursday - 23 January 2014

Thursday, 23 January 2014

Questions (105, 108, 110)

Bernard Durkan

Question:

105. Deputy Bernard J. Durkan asked the Minister for Jobs, Enterprise and Innovation the extent to which he expects new jobs to be created through foreign direct investment in the current year; and if he will make a statement on the matter. [3493/14]

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Bernard Durkan

Question:

108. Deputy Bernard J. Durkan asked the Minister for Jobs, Enterprise and Innovation the extent to which he remains satisfied that this jurisdiction remains an attractive location for foreign direct investment in both services and manufacturing sectors; and if he will make a statement on the matter. [3496/14]

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Bernard Durkan

Question:

110. Deputy Bernard J. Durkan asked the Minister for Jobs, Enterprise and Innovation the extent to which he and his Department can enhance those features most likely to attract foreign direct investment; and if he will make a statement on the matter. [3499/14]

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Written answers

I propose to take Questions Nos. 105, 108 and 110 together.

2013 was one of the best years in recent times for the attraction of foreign direct investment (FDI) and the creation of jobs in IDA Ireland client companies.

There were over 7,000 net new jobs created in IDA Ireland client companies during 2013, the highest figure in over a decade. There are now over 161,000 people directly employed in IDA Ireland client companies, the highest number in the history of the agency.

IDA Ireland markets Ireland as a location for FDI on the basis of a number of selling points viz a pro-business and technologically advanced environment and the availability of an educated and talented English speaking workforce with the blend of appropriate skill sets. The Agency also offers a range of affordable, state of the art property solutions. Ireland is strategically located between Europe and America and is the only English speaking member of the Eurozone. Ireland has an attractive corporation tax rate and complies fully with OECD guidelines and EU competition law. Ireland has a good track record of attracting and retaining high quality investments across a range of sectors. In addition, there is good road access to key cities, ports and international airports.

All these factors, together with Ireland’s improvement in competitiveness in recent years has led IBM Global location trends to rate Ireland first in the world for inward investment by quality and value and first in Europe and second globally for the number of investment jobs per capita.

Ireland’s recent exit from the bailout and the decision by Moody’s to raise the rating on Ireland’s sovereign debt to investment grade will have a very positive impact on the on the Irish economy. Investment agency ratings are used by foreign investors when they are deciding where to locate their businesses. I am confident that the continued work of Government in restoring the economy and the publication of the 2014 Action Plan for Jobs will lead to the attraction of further foreign direct investment into the country and the creation of additional much needed jobs.

To respond to the significant job losses in manufacturing in the years up to 2010, and to build on the potential for this sector, I asked Forfás to undertake an analysis of Manufacturing in Ireland and the resultant Strategy, which I launched in April last, sets a comprehensive suite of recommendations to develop the sector, and these actions are now being progressed (including through the Action Plan for Jobs ). The Strategy identifies that an additional 20,000 jobs can be created in Manufacturing by 2016. The tide is already turning, as in the years 2011 and 2012 there was a net increase of 3,700 jobs in the Manufacturing sector. This trend has gained momentum with the latest Central Statistics figures (QNHS-Q3 2013) showing that almost a further 8,000 jobs have been created in the period since the Strategy was published. There are now 213,600 people directly employed in the sector in Ireland and a similar number of people employed indirectly: the total supported within the sector is therefore about 427,000. A particularly attractive feature of manufacturing in Ireland is the fact that many of the present jobs are not in the main urban areas, but dispersed into regional locations, thereby providing a valuable employment focus in areas where alternative jobs are scarce.

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