Thursday, 7 March 2019

Ceisteanna (119)

Michael Moynihan


119. Deputy Michael Moynihan asked the Minister for Business, Enterprise and Innovation the involvement her Department has had with companies in Britain which may be reviewing their operations there in view of Brexit. [8459/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Business)

My Department continues to work with IDA Ireland to attract new foreign direct investment (FDI) - Brexit-related or otherwise - to Ireland. The Agency’s Brexit-strategy has involved significant engagement with potential clients, both in the UK and elsewhere, who are considering expanding or locating in Ireland. This strategy has been supported by a multi-media marketing campaign highlighting Ireland’s advantages in a post-Brexit context. IDA staff have also participated in a range of relevant conferences and events around the world to help build awareness of Ireland as a preferred post-Brexit investment destination.

To date, IDA Ireland has reported winning approximately 55 Brexit-related investments with employment potential of more than 4,500 roles over the next two to three years. The financial services sector accounts for 62% of all Brexit related investments to date and 44% of jobs (approx. 2,000). The remaining investments have come from life sciences and engineering (22%) and the broad technology and online/e-commerce sectors (16%).

It's important to remember that securing new FDI, whether Brexit-related or otherwise, remains a complex process as decisions on where to relocate or invest can be influenced by many different considerations. Moreover, engagement with potential investors does not always lead to new projects on the ground in Ireland. The IDA though will continue to work with overseas firms to highlight Ireland's suitability as a location for Brexit-related investment.

Separately, a number of UK companies are seeking to establish in Ireland as notified bodies in order to maintain their EU status. To date, five UK notified bodies have been appointed as notified bodies in Ireland with a further two applications expected. I understand also that INAB, the national body in Ireland with responsibility for the accreditation of laboratories, certification bodies and inspection bodies, has 26 Brexit-related applications for accreditation, several of which are from existing UK notified bodies seeking to become notified bodies in Ireland.