Dáil Éireann Debate, Thursday - 7 April 2022
176. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the extent to which Ireland is in competition with other jurisdictions for foreign direct investment; the degree to which this competition has changed in recent times; and if he will make a statement on the matter. [19110/22]
View answer178. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the way that he and his Department continue to promote Ireland as an attractive venue for foreign direct investment given the extent of competition; and if he will make a statement on the matter. [19112/22]
View answerI propose to take Questions Nos. 176 and 178 together.
The global economy continues to weather unprecedented shocks due to Brexit, the Covid-19 pandemic, and now Russia’s invasion of Ukraine. Despite the global upheaval of the last few years, IDA Ireland continues to successfully attract inward investment to Ireland. Last year, IDA won 249 investments, 104 of which were from new companies. The number of people employed in multi-national companies grew to 275,384, including 29,000 new jobs created in 2021.
While the competition may be stiff, what we offer companies looking to expand or establish new operations is world-class. To would-be investors, Ireland offers a stable macroeconomic environment; consistent pro-enterprise policies; high-quality education and skills development; an excellent track-record on ease of doing business and openness to trade; a stable, safe, and attractive living and working environment; availability of property; a competitive corporate tax regime; and an unwavering commitment to the European Union with access to the Single Market. Taken together, these factors all combine to mark Ireland as a stable and reliable location for investment.
Investors’ confidence in Ireland remains strong. In 2020 and 2021, Ireland increased its market share of FDI into Europe in the face of global declines in FDI. Though competition is intense and global with countries around the world actively vying for new FDI investments, IDA Ireland have tailored their approach to reflect this increased competition. IDA targets certain sectors and continuously refines its offering to ensure that Ireland offers the most competitive, innovative, and relevant elements that targeted investments seek. This focus on the sectors that underpin a modern economy has been key to our success.
Supported by my Department, IDA Ireland continues to engage with international clients from a range of sectors and will continue to attract job-rich investment from overseas firms.
