Written answers

Thursday, 9 February 2017

Department of Jobs, Enterprise and Innovation

IDA Portfolio

Photo of Tommy BroughanTommy Broughan (Dublin Bay North, Independent)
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41. To ask the Minister for Jobs, Enterprise and Innovation if IDA Ireland has identified the number of multinational companies here which only service the UK market; the contacts taking place with these companies; if any such companies are planning to move out of Ireland; if so, the expected job losses this could create; and if she will make a statement on the matter. [6180/17]

Photo of Mary Mitchell O'ConnorMary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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I understand from the IDA that there are a small number of foreign direct investment (FDI) companies located in Ireland whose commercial focus lies mainly on the British market. Depending on the nature of the still-to-be-negotiated arrangements that will govern the UK's future relationship with the European Union, some of these particular businesses may decide to reconfigure their existing footprint within Europe.

The likelihood is, however, that Brexit will present increased opportunities when it comes to FDI here. The IDA is already working hard with both existing and potential new clients to harness those opportunities by securing new projects for Ireland.

While competition for any such new Brexit-related investment will be intense, Ireland is positioned to benefit on account of our long track record as a home to global businesses. Other strengths that are likely to appeal to new or expanding investors include our talented workforce, first-rate education system and pro-enterprise policy environment.  

It is clear that the full impact of Brexit on companies already present here will take time to emerge. However, the IDA will continue, in the meantime, to engage with all of their clients about Brexit and the effect it may have on their future operations.

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