Written answers

Wednesday, 20 April 2016

Department of Jobs, Enterprise and Innovation

Job Creation

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
Link to this: Individually | In context | Oireachtas source

149. To ask the Minister for Jobs, Enterprise and Innovation the extent to which he expects foreign direct investment to play a part in job creation over the next five years; and if he will make a statement on the matter. [7726/16]

Photo of Richard BrutonRichard Bruton (Dublin Bay North, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Foreign Direct Investment (FDI) continues to be a key contributor to Ireland’s economic development and growth. Over 3,300 foreign-owned companies have put down roots in Ireland. These include many of the world’s most successful global businesses, which have chosen Ireland as their strategic base in Europe.

The number of new investments secured by IDA Ireland in 2015 rose by 8% against a background of global economic uncertainty, intense competition from other jurisdictions and a changing global taxation landscape. There are now 187,056 people employed in IDA Ireland client companies. This is the highest in the history of the Agency

More than one in five private sector jobs in the economy result from FDI, representing a vital economic contribution by the multinational sector. Net job creation by the IDA supported client companies was 11,833 in 2015. This was as a result of the strong pipeline of new investments and the lowest ever level of job losses as a percentage of overall employment by the sector. 54% of all jobs created in 2015 were based outside of Dublin, demonstrating the strength and resilience of FDI in regional locations.

More broadly, our efforts to continue to attract international investment in Ireland will be guided by both my Department’s Policy Statement on Foreign Direct Investment and IDA Ireland’s own five-year strategy “Winning - Foreign Direct Investment 2015-2019”. The strategy details both how the Agency will broaden its target sectors further and seek new markets over the next five years. Its ambitious targets include boosting FDI in Ireland by over 40% and creating 80,000 new jobs in the economy.

As part of the growth strategy, IDA Ireland is committed to increasing the level of investment into each region of Ireland by between 30% and 40% by working closely with local stakeholders. This investment includes a €150m property investment plan, which will support the achievement of the organisation's regional goals. The funding will be used to upgrade Ireland's business and technology parks, make investments in a number of strategic utility-intensive sites and build new advanced technology buildings in regional locations.

A strong economy with full employment that supports vibrant public services for our people is within our grasp if we make the right choices.

Comments

No comments

Log in or join to post a public comment.