Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

One of IDA Ireland's high level targets is that by the end of this year 20% of all greenfield investments will come from growth markets. To achieve this target, the Government provided IDA Ireland with the resources to establish offices and hire staff in emerging markets, including Brazil, India, Russia and China, the BRIC countries. In total, 17 people support the overseas marketing of Ireland for foreign direct investment in the growth markets area, with 11 staff working in the BRIC markets. In China IDA Ireland’s first office in Shanghai has been supplemented with new offices in Shenzhen and Beijing in partnership with the Department of Foreign Affairs and Trade. An ICT specialist has been appointed in Shenzhen and a financial services specialist in Beijing. The intensity of engagement between Ireland and China in recent years is evidenced by the number of memorandums of understanding, MOUs, signed in respect of areas of mutual interest. In India IDA Ireland established its first office in Mumbai and it has been complemented by a second office in Bangalore. An experienced IDA Ireland executive has been appointed to lead the team in India. Representative offices have been established in Brazil and Russia and are staffed by highly experienced local individuals. The overseas marketing staff are supported by a dedicated high level team in Dublin which works to attract investments specifically from these markets. This team includes two members of IDA Ireland's executive committee and one member of the management team.

The Government has supported this work by stepping up the number of trade missions to emerging markets. IDA Ireland also proposes that regular intensive marketing trips be made to the region by the global heads of its main operating divisions, including ICT, financial services, life sciences and content, consumer and business services. IDA Ireland also works in close co-operation with other Departments and State agencies, namely, the Departments of Foreign Affairs and Trade and Finance, Enterprise Ireland and the National Treasury Management Agency in these particular locations. I am glad to report that to date this strategy has resulted in 17 projects from the BRIC countries. Results indicate that IDA Ireland will achieve or exceed the target of 20% of all greenfield investments this year.

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