Fergus O'Dowd (Louth, Fine Gael)
Link to this: Individually | In context | Oireachtas source

36. To ask the Minister for Enterprise, Trade and Employment the number of prospective company visits organised by the IDA and Enterprise Ireland to counties Louth, Meath, Cavan and Monaghan, respectively in 2020; and if he will make a statement on the matter. [1075/21]

Leo Varadkar (Dublin West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Louth, Cavan and Monaghan make up the IDA's North East Region and the 2019 Employment survey data showed 44 IDA client companies collectively employed 5,899 people.  The main clusters are in International Business Services, mainly Financial Services and Consumer Goods and Manufacturing.  Meath is included in the Mid East region and had 19 client companies employing 1,904.

The primary responsibility of the IDA is to attract Foreign Direct Investment (FDI) into Ireland and to retain, transform and expand the existing base of FDI companies that have already invested and located here.  When it comes to foreign direct investment, site visits represent a valuable tool through which investors can be encouraged to invest in regional areas. However, site visit activity does not necessarily reflect investment potential, as a significant percentage of all new FDI comes from existing IDA client companies.  2020 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 disrupted the usual way 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.

In response to COVID-19, IDA Ireland migrated many of its business development and client engagement activities onto digital platforms and has established a suite of digital content which can be accessed by potential investors.  The use of digital platforms by IDA staff has contributed to an enhanced digital engagement with existing clients and in hosting E-Site visits with potential new investors. 

The number of site visits arranged by IDA, including E-visits, to end Q3 2020 was: Cavan 1; Louth 11; Meath 2 and Monaghan 1. The figures for end Q4 are expected before the end of the month.  It should also be noted that potential clients visiting Ireland may visit more than one county and may return to a location more than once. These figures represent individual visits and are therefore not indicative of the number of companies that have visited.  Enterprise Ireland did not have any site visits from overseas investors to Cavan, Louth, Meath or Monaghan in 2020. 

Regional development is at the centre of IDA’s new strategy, Driving Recovery & Sustainable Growth 2021-2024. IDA is committed to the pursuit of more balanced, compact regional development which can deliver complementary efficiency and equity gains, with the overall impact of helping to advance national development. IDA will target half of all investments (400) from 2021- 2024 to regional locations and maintain the same high level of investment as targeted in IDA’s previous strategy for each region of the country.