In accordance with its Horizon 2020 Strategy, IDA Ireland is aiming to create 63,000 new jobs over the period 2010-2014, with 50% of these investments to be based in locations outside of Dublin and Cork. Central to IDA Ireland’s strategy is to build on existing regional strengths to ensure Ireland’s economic development, while optimising regional spread, in line with the National Spatial Strategy.
The recognition of the importance of Cork as a major gateway location under the National Spatial Strategy continues to assist IDA Ireland in promoting and marketing Cork for inward investment and assists in the development of the necessary critical mass needed in terms of population, skills and infrastructure to attract foreign direct investment (FDI). Cork has a long industrial and exporting tradition over many centuries based on its deep-water harbour. Over recent decades, however, the older heavy manufacturing and textiles industries have been replaced by more modern industries, in particular the Life Science and Information and Communications Technology (ICT) sectors. In recent years, the FDI base has expanded with the addition of software, digital media customer support and shared services activities.
IDA Ireland has informed me that it continues to promote Cork City and County as an integral part of its Horizon 2020 Strategy in accordance with the National Spatial Strategy. 11 new IDA Ireland supported projects in existing and new IDA client companies were announced for Cork City and County in 2011 which will result in the creation of over 800 new jobs over the coming years. There are currently 133 IDA Ireland supported enterprises in Cork City and County employing 21,522 people. This is an increase of over 1,000 jobs, or 5%, on the 2010 figure. To date, in 2012, there have been further job announcements with significant investments announced by Eli Lily, Big Fish Games, Pepsi Cola, Apple, Xilinx and M/A Com Tech.
Cork continues to demonstrate its ability to grow and evolve to meet the needs of existing and future investors. As a strong University City with over 30,000 full and part time students at UCC and CIT with the presence of the Tyndall National Institute; improvements in connectivity across road, rail, air and telecoms; and a strong base of existing IDA client companies, Cork has an enviable business ecosystem which ensures that it continues to be a location of choice for overseas companies. IDA Ireland has assured me that the Cork Gateway will continue to play a crucial role in contributing to the delivery of the ambitious jobs targets set out the agency’s Horizon 2020 Strategy.
