Dáil Éireann Debate, Thursday - 23 February 2023
94. Deputy Willie O'Dea asked the Minister for Enterprise, Trade and Employment if he will provide a progress report on the IDA's target of 76 investments for the mid-west region in the period 2021 to 2024; and if he will make a statement on the matter. [8922/23]
View answer98. Deputy James Lawless asked the Minister for Enterprise, Trade and Employment if he will provide a progress report on the IDA's 40 investments for the mid-east region in the period 2021 to 2024; and if he will make a statement on the matter. [8942/23]
View answer111. Deputy Barry Cowen asked the Minister for Enterprise, Trade and Employment if he will provide a progress report on the IDA's target of 25 investments for the midlands region in the period 2021 to 2024; and if he will make a statement on the matter. [8920/23]
View answer136. Deputy Michael Moynihan asked the Minister for Enterprise, Trade and Employment if he will provide a progress report on the IDA's 118 investments for the south-west region in the period 2021 to 2024; and if he will make a statement on the matter. [9218/23]
View answerI propose to take Questions Nos. 94, 98, 111 and 136 together.
Government and IDA Ireland are both committed to the pursuit of balanced regional development with the overall impact of helping to advance national economic development. In this regard, IDA Ireland is targeting half of all investments - that is 400 of 800 - from 2021-2024 to regional locations. At the mid-point in the currency of its current Strategy, 260 out of 491 investments won went to regional locations.
While Foreign Direct Investment is not the sole contributor to addressing the challenges facing Ireland’s regions – from Brexit to Covid-19, digital transformation to the climate transition – it can, of course, have a significant impact in propelling economic recovery and realising more balanced growth.
In 2022, the numbers directly employed in IDA multinational clients in Ireland reached 301,475, the highest FDI employment level ever and a 9% increase on 2021. IDA client companies recorded 32,426 gross new job gains in 2022, with a 24,019 net jobs increase. 52% or 127 of the 242 FDI investments won went to regional locations – with employment growth in FDI companies recorded in every region of the country.
The benefits of these new investments combined with the existing regional investor base extend beyond their direct and indirect levels of employment. They also generate significant positive spill-over effects for regional economies, indigenous businesses, and local communities. The most recent Irish economy preliminary expenditure figures from 2021, show expenditure by FDI companies located in regional locations totalled €15.1b, comprising of payroll of €10.1b, Irish materials of €2.5b and Irish Services €2.5b.
The 2022 employment figures for IDA client companies demonstrate the continued pattern of sustained, robust growth in FDI investment and FDI-related employment that has been achieved over a continuous period of more than ten years. Despite the backdrop of challenging international economic headwinds and geopolitical events, the level of employment in IDA client companies in regional locations reached a record high of 163,653 an increase of 7% on 2021.
