Thursday, 27 June 2019

Questions (111)

Bernard Durkan

Question:

111. Deputy Bernard J. Durkan asked the Minister for Business, Enterprise and Innovation the extent to which Ireland continues to remain an attractive country for foreign direct investment; and if she will make a statement on the matter. [27411/19]

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Written answers (Question to Business)

Foreign Direct Investment (FDI) remains a cornerstone upon which Ireland’s economy is built. Its contribution to Ireland’s economic recovery has been far-reaching and it’s estimated that 20% of all private sector employment in the State is directly or indirectly attributable to FDI.

It is a significant achievement that there are now over 230,000 people employed in IDA Ireland client companies. Last year alone IDA Ireland won 265 projects, compared with 237 in 2017. Within this figure, a record number of 134 were from new companies investing in Ireland for the first time, which is an increase of 20% over 2017.

The mid-year results for 2019 demonstrate that the pipeline of FDI into Ireland remains strong, with 13,500 job approvals and 140 investments secured so far this year. The provisional results have also reflected a number of significant investments across all regions including 150 jobs by Meissner in Castlebar, 100 new positions at JRI America in Tralee and 75 new jobs at Greenfield Global in Portlaoise.

It is therefore clear that Ireland remains attractive to overseas investors. However, we cannot take future FDI success for granted, which is why the Government is working hard to strengthen the competitiveness of the economy. Steps are also being taken to diversify further our sources of investment, including through the placement of IDA staff in new locations abroad.