Tuesday, 11 June 2019

Ceisteanna (388, 389)

Maurice Quinlivan

Ceist:

388. Deputy Maurice Quinlivan asked the Minister for Business, Enterprise and Innovation the actions she has taken to date to attract companies in the automotive industry that are closing operations in the United Kingdom due to Brexit; and if she will make a statement on the matter. [24269/19]

Amharc ar fhreagra

Maurice Quinlivan

Ceist:

389. Deputy Maurice Quinlivan asked the Minister for Business, Enterprise and Innovation if IDA Ireland has approached companies in the automotive industry that are closing operations in the United Kingdom due to Brexit with a view to setting up operations here; and if she will make a statement on the matter. [24270/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Business)

I propose to take Questions Nos. 388 and 389 together.

IDA Ireland works closely with international clients from a range of sectors, including the automotive industry, to highlight the benefits of investing in Ireland and potentially locating here. This includes companies who are increasingly attracted to Ireland on account of Brexit.

It is also the case, of course, that many prominent international firms, including companies from the UK automotive sector, already have operations in Ireland. Increasing the scale of those operations can be as valuable to the country, if not more so, than securing new investments altogether. Pursuing a twin-track strategy – targeting both new-name investors and the expansion of existing projects – has helped produce record foreign direct investment (FDI) results in recent years and should lead to further investment and job creation in the years ahead.

The IDA’s efforts to win more FDI are helped by our continued status as an attractive destination for overseas firms. Our membership of the European Union is undoubtedly a key selling point and companies are keenly aware that locating in Ireland ensures barrier-free access to an EU market of over 500 million consumers. Ireland therefore continues to be an attractive location for overseas mobile investment, as evidenced by the 70 Brexit-related investments and over 5,000 associated jobs that have been won to date.