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Foreign Direct Investment

Dáil Éireann Debate, Tuesday - 14 July 2020

Tuesday, 14 July 2020

Questions (87)

Bernard Durkan

Question:

87. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Business, Enterprise and Innovation the extent to which he expects to encourage foreign direct investment in the future in view of Brexit and the international political scene; and if he will make a statement on the matter. [16003/20]

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Written answers

Recent global developments – both as a result of Brexit and of the COVID-19 pandemic – have undoubtedly had an impact on international foreign direct investment (FDI).

The challenges presented by Brexit are well-documented. The IDA has been working hard with its client base to help address and mitigate any risks faced by overseas companies already located here.

The Agency has also, ever since the EU-UK referendum in June 2016, been seeking to realise opportunities to attract further Brexit-related FDI to Ireland. The significant efforts that the IDA has invested into these efforts have yielded impressive results. The Agency has won 92 Brexit-related investments with an associated jobs potential of 5,900, numbers which could yet increase further.

The IDA has also taken steps to diversify its FDI source markets and to prepare for a potentially significantly changed post-Brexit economic and geopolitical landscape. This has included an international campaign in key markets and a restructuring of its European operations to treat the UK as a separate territory. The Agency has also deployed additional resources in the Middle East, Asia and Latin America, as well as opening a new office in Toronto.

More generally, I am confident that Ireland will remain attractive in the long-term to international investors. Our traditional strengths – including our talented workforce and pro-enterprise policy environment – remain very much intact and valued by overseas firms. I look forward to working, together with the IDA, to increase FDI here in the years ahead.

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