Dáil Éireann Debate, Wednesday - 7 February 2018
43. Deputy Maurice Quinlivan asked the Minister for Business, Enterprise and Innovation the strategic properties and IDA parks planned in regional Ireland to ensure foreign direct investment is spread fairly across the country to ensure all areas benefit from the economic recovery. [5956/18]
Amharc ar fhreagraThis Government is strongly committed to regional development and my Department and its agencies are working towards ambitious targets to ensure that employment and investment are as evenly distributed as possible across the country.
IDA Ireland is focused on achieving the key development goals set out in its current strategy, including increasing investment by 30% to 40% in every region. Real progress has been made towards that target over the first three years of this strategy with half of all jobs created by IDA client companies since 2015 based outside Dublin. Just under 30,000 jobs have been created in the regions in three years and this shows us that real progress is being made towards increasing the regional spread of FDI all over our country.
A key component of attracting potential multinational investors is the availability of IDA properties across all counties of Ireland. If there were no available properties in the regions, IDA-owned or otherwise, it would significantly diminish the Agency’s capacity to attract and win new investments. Overseas firms need to know that there are suitable sites and facilities in an area before they make a decision on where to locate.
The IDA is directly investing in such sites and facilities to increase the attractiveness of regional locations for FDI. The Agency’s Regional Property Programme (RPP), as announced in 2015, committed €150 million in Exchequer funding over five years to drive the growth of regional FDI by providing property solutions outside Dublin. As well as upgrading existing facilities and acquiring strategic sites suitable for investment, this programme also includes the construction of nine new advance facilities around the country. As part of the RPP advance buildings were constructed and completed in Athlone and Waterford in 2014 and early 2015. Last year IDA Ireland also completed buildings in Sligo, Tralee and Castlebar. Buildings in Galway, Dundalk, Limerick, Athlone (2nd build), Carlow and Waterford will be completed over the next two years.
The level of interest by investors in these advance facilities has been very positive and clients have already been secured for the buildings in Athlone, Waterford and Sligo. However, it is important to note that determining where a client locates depends very much on the particular requirements of the company concerned. Factors that are habitually important to overseas investors include the suitability of local infrastructure, the proximity of transport hubs and the availability of skilled talent. It is often the case as well that multinational companies seek to base themselves as close as possible to businesses operating in the same industry.
