I propose to take Questions Nos. 459 and 460 together.
Ireland continues to perform very strongly in terms of attracting Foreign Direct Investment (FDI), with over 210,000 people employed in IDA Ireland client companies here. FDI flows into the country have been particularly significant in recent years with pronounced growth in total job numbers and investment projects.
The reduction in FDI in the referenced report concerns the movement of cash assets following the enactment of the US Tax Cuts and Jobs Act in late 2017. While I understand some US firms in Ireland have repatriated such financial resources since that legislation came into force, there has been little discernible impact on their actual operations here.
I am also confident, despite recent changes to the American taxation system, that US and international firms will continue to locate or expand further in Ireland. Our strengths – including our pro-enterprise policy environment, highly educated workforce and competitive taxation regime – remain attractive to international investors. Indeed, the IDA’s mid-year results reflect an active and healthy pipeline of investment into the country. The Agency, for example, secured 139 projects in the first six months of this year, compared with 114 in the first half of 2017.
The Government is nevertheless very much conscious of our need to remain as competitive as possible in FDI terms. That is why we will continue to invest, for example, in our national infrastructure and take other steps that will help ensure Ireland remains a destination of choice for overseas investors.