Tuesday, 25 June 2019

Questions (299)

Michael McGrath


299. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the IDA Ireland strategy for Cork city and county; the way in which this relates to the Project Ireland 2040 plan for Cork; and if she will make a statement on the matter. [26812/19]

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Written answers (Question to Business)

Cork has traditionally been a strong performer in terms of foreign direct investment (FDI). This trend is continuing, with a steady and positive increase in employment numbers in IDA Ireland client companies in the County over the past number of years. There are currently 169 IDA client companies in Cork, employing approximately 39,000 people.

Under its current 'Winning' Strategy, the IDA is seeking to increase FDI in Cork and the South West region by 30% to 40% over the period 2015-2019. This approach has been delivering results and between 2017 and 2018 alone, employment in IDA client companies in Cork increased by over 5% with 2,087 net new foreign direct investment-supported jobs added in the County. There have also been a number of recent significant recent job announcements by IDA clients including 400 jobs at VoxPro, 200 positions at Deutsche Borse Group and 100 new jobs at Forcepoint.

The IDA is currently in the process of formulating a new five-year strategy covering the period 2020-2024 which will take account of the National Planning Framework under Project Ireland 2040, as well as the Regional Spatial Economic Strategy and Cork Metropolitan Area Strategic Plans.

It is clear, not least from the County's recent performance over the last number of years, that Cork has a robust enterprise base and remains a highly attractive destination for overseas companies. Work will nevertheless continue, by both the enterprise agencies and the Government, to help ensure it continues to attract further investment.