Dáil Éireann Debate, Thursday - 19 May 2022
41. Deputy Michael Moynihan asked the Tánaiste and Minister for Enterprise, Trade and Employment if he will provide an update on the progress made to date in the implementation in the South-West region of the IDA Strategy - Driving Recovery & Sustainable Growth 2021 – 2024; and if he will make a statement on the matter. [24974/22]
Amharc ar fhreagraRegional development is at the centre of IDA Ireland's current strategy “Driving Recovery & Sustainable Growth 2021-2024”. Of the target 800 investments in the Strategy, half are targeted at regional locations.
As the Deputy may be aware, IDA Ireland announces mid and end year results. The latest results, released in December last year, show a very strong first year of this Strategy. Highlights of IDA Ireland’s performance throughout 2021 include the creation of over 29,000 new jobs in IDA supported client companies, bringing the numbers directly employed in the multinational sector in Ireland to 275,384.
The net number of jobs created in 2021 was 16,826 demonstrating the continued resilience of the existing FDI base. In total 249 investments were won, 104 of these being new name investments.
More than half (53%) of investments won during 2021 went to regional locations with every region experiencing growth. The South-West region covers counties Cork and Kerry. There are 218 IDA supported companies in the West Region, employing 47,572 jobs directly and 38,058 jobs indirectly. In 2021, the Southwest region had employment growth of 3% across its client companies with 1,497 net jobs created.
The FDI performance in the Region has been strong over the past five years with employment among IDA clients increasing by 32%. The region has a broad range of industry sectors with established clusters across Life Sciences, technology, Content Consumer and Business services, Engineering and Industrial technologies and International Financial Services.
From an economic impact perspective, €2,650 million was spent by IDA client companies on payroll during 2020; €1,474 million was spent on Services and Materials; and €294 million was spent on in-house R&D (2020 ABSEI).
Ongoing site infrastructure upgrade works are progressing on IDA Parks and Strategic sites in the region. The Agency also continues to work with regional stakeholders and the private sector on opportunities to add to the supply of competitive property solutions in regional locations.
The 2021 figures show a pattern of sustained, robust growth in FDI investment and FDI-related employment over a continuous period of more than ten years. I expect the IDA's 2022 mid-year results to be announced in June.
