Dáil Éireann Debate, Thursday - 10 July 2014
90. Deputy Bernard J. Durkan asked the Minister for Jobs, Enterprise and Innovation the extent to which he and his Department continue to monitor the competitiveness of the economy with particular reference to the basis on which foreign direct investors are attracted to this jurisdiction; and if he will make a statement on the matter. [30604/14]
View answerIreland’s success in attracting foreign direct investment requires a clear focus on improving and enhancing national competitiveness, easing impediments to business investment and encouraging job creation. Improved competitiveness, targeting of specific growth sectors and an improved international reputation are key factors that have contributed to strong results in Ireland attracting overseas investment in recent years. All of these factors need to be maintained in 2014 and beyond through the Action Plan for Jobs process which has an overarching objective of improving the enterprise and job creation environment.
IDA client companies created 13,376 gross jobs in 2013. In the first half of this year, over 100 FDI investments were secured by the IDA. Of the investments secured, 40% have come from companies investing in Ireland for the first time, with the balance representing expansions and transformations by existing companies. The projects approved during the first half of 2014 will lead to the creation of 8,000 jobs as the companies roll out their investment plans. A continuing focus on competitiveness will be vital to attracting further FDI. The National Competitiveness Council monitors the competitiveness of the economy on an on-going basis and will shortly publish its annual “Competitiveness Scorecard” which benchmarks Ireland against key competitor regions.
The recent decision by Moody’s to raise the rating on Ireland’s sovereign debt to investment grade will have a very positive impact on the Irish economy, as investment agency ratings are used by foreign investors when they are deciding where to locate their businesses. IDA Ireland will be highlighting Ireland’s upgrade with current and prospective clients.
