Dáil Éireann Debate, Tuesday - 15 September 2020
157. Deputy Dara Calleary asked the Tánaiste and Minister for Enterprise, Trade and Employment the strategy used by IDA Ireland as an alternative to site visits as a consequence of Covid-19 restrictions; the impact of Covid-19 restrictions on IDA strategy to date in 2020; and his plans to increase support to IDA Ireland to assist its operations. [23985/20]
Amharc ar fhreagraCOVID-19 has presented undeniable challenges to our ongoing efforts to sustain and grow foreign direct investment (FDI) in Ireland. The introduction of travel restrictions around the world is already disrupting the typical way in which the IDA engages with investors, resulting in fewer numbers of site visits and client meetings. The pandemic has also impacted investor confidence and has likely caused some investment decisions to be delayed or postponed.
As an alternative to site visits, the IDA has migrated many of its business development and client engagement activities to digital platforms. The Agency has developed new digital content and has also put in place an E-Site Visit experience for potential investors.
My Department has approved a number of supports that will assist the IDA in its efforts to attract further FDI. As part of the 2020 July Jobs Stimulus Package, the Government approved additional funding of €10m for the IDA to undertake new marketing and promotional activities. The Government also announced funding of €25m for the Covid Life Sciences Products Scheme which can be accessed by IDA clients to aid the research, development and production of medicinal products in Ireland that will be used in the fight against COVID-19.
Notwithstanding the challenges posed by this pandemic, IDA Ireland's results for the first six months of this year have demonstrated the resilience of our FDI base. The Agency has secured over 130 investments to date in 2020, which have the potential to create almost 10,000 jobs. Almost half of these new projects were secured for locations outside Dublin, with 53 investments from companies investing in Ireland for the first time.
I believe that these 2020 investments reflect our continuing attractiveness to overseas firms. Multinational companies continue to value our FDI strengths. These include our talented and flexible work-force, a track record as a successful home to global businesses and a hard-won reputation as a pro-enterprise jurisdiction. Our continued commitment to the European Union, the single market and Eurozone, as well as to free trade and multilateralism, are other key selling points that help us convince multinational companies to establish operations and create jobs here.
At the same time, we do recognise that the global competition for FDI is intensifying and we are under no illusions that the time ahead will prove more challenging. We will have to fight, harder than ever before, for new investment projects and the jobs that go with them. I look forward, as Tánaiste and Minister for Enterprise, Trade and Employment, to taking on that challenge. This will include working with the IDA on the formulation of a new strategy that will guide the Agency's work in the time ahead.
