Bernard Durkan
Question:289. Deputy Bernard J. Durkan asked the Minister for Finance the degree to which Ireland remains attractive to foreign direct investment; and if he will make a statement on the matter. [10044/22]
View answerTuesday, 22 February 2022
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The Covid-19 crisis presented an unprecedented challenge to businesses around the world, as well as to the domestic economy. Ireland’s economic recovery has been remarkable, and both the domestic economy and our external environment have improved markedly since the onset of the pandemic.
Over the course of the crisis, Ireland’s FDI base has shown incredible resilience. Inward FDI flows to Ireland amounted to almost a fifth of GDP in 2020, placing Ireland’s inward flows as the second highest in the EU, according to the OECD. The IDA results for 2021 suggest that FDI in Ireland remains strong, with the highest increase in FDI employment in a single year recorded.
The competitiveness of the Irish economy is internationally recognised. The 2021 IMD World Competitiveness Yearbook ranked Ireland as the 6th most competitive country in the EU and the 13th most competitive country in the world. This provides a strong foundation on which Ireland can build in coming years.
With the economic recovery progressing rapidly, FDI investment will play a crucial role in helping ensure a strong and sustainable economy going forward. Despite the disruption to the global FDI landscape caused by the pandemic, Ireland remains an attractive location for foreign direct investment. Foreign companies continue to recognise and value Ireland’s unique competitive advantages, namely our track record as an innovative and stable home to global business, our talented and flexible workforce, and our hard-won reputation as a pro-enterprise jurisdiction.