Dáil Éireann Debate, Thursday - 23 November 2023
203. Deputy Bernard J. Durkan asked the Minister for Enterprise, Trade and Employment the extent to which he anticipates levels of investment here to adequately cater for the employment needs of the country; and if he will make a statement on the matter. [51747/23]
View answerIreland continues to be a location of choice for new investors and long-established companies who choose to reinvest in substantial expansions of their operations here. Foreign Direct Investment (FDI) plays a significant role in Ireland’s economy and the flow of FDI into the country is strong. Numbers directly employed in the multinational sector in Ireland reached 301,475 at the end of 2022, the highest FDI employment level ever, and a 9% increase on 2021.
The IDA’s mid-year results show that the Agency has performed very strongly so far this year. At mid-year, the IDA has secured 139 investments which have the potential to create almost 12,000 jobs. Almost half, 67 of the 139 investments, were secured for locations outside Dublin. It is particularly encouraging to see that there were 52 new investments in the first half of the year from companies investing in Ireland for the first time.
These record results demonstrate not only the resilience of the FDI sector in Ireland, but also the strength of Ireland’s value proposition and attractive business environment, which enables global companies to successfully invest and expand in Ireland.
Nonetheless, as we face a challenging and competitive global environment, Ireland will continue to strengthen its attractiveness for FDI. Efforts in this area are guided by IDA Ireland’s Strategy, "Driving Recovery & Sustainable Growth 2021-2024". The IDA's Strategy seeks to consolidate and build on the positive impact of FDI as Ireland pursues a jobs-led pandemic recovery, as envisaged in the Programme for Government, while seizing the opportunities of the green and digital transition.
The continued promotion of FDI in Ireland is further supported by our Trade and Investment Strategy 2022-2026: Value for Ireland, Values for the World. Priorities set out by that strategy are focused on the promotion of Ireland’s investment ecosystem and reaping the benefits of the EU Single Market.
Moreover, the White Paper on Enterprise published by my Department sets the strategic direction for job-creation and growth for the years ahead, addressing changes in the international trading environment, vulnerabilities in our enterprise sector, and the need to integrate climate change commitments and the digital transition into enterprise policy over the decade ahead. My Department is working with IDA on implementation of the White Paper and Government’s strategic objectives of decarbonisation, digitalisation and regional development in the context of the IDA's overall mandate.
I am confident that Ireland is well positioned to respond to the challenges arising from an increasingly uncertain and changing global environment but Government is not complacent and keeps policy under review, especially in terms of the biennial White Paper on Enterprise Implementation Plans.
