Thursday, 3 June 2021
Department of Enterprise, Trade and Employment
190. To ask the Minister for Enterprise, Trade and Employment the plans of the IDA for the County Cork and south-west region over the next four years; and if he will make a statement on the matter. [30064/21]
IDA’s new strategy 2021-2024 ‘Driving Recovery and Sustainable Growth’ has been developed in the context of the Government’s National Economic Plan. This strategy positions IDA to respond to the emerging trends that are accelerating as a result of the Covid-19 global pandemic. The new strategy will be delivered through a focus on five pillars: Growth, Transformation, Regions, Sustainability and Impact.
Regional development is at the centre of IDA’s new strategy. 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. We 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.
There are 211 IDA client companies in the South-West region, employing 46,009 people. The FDI performance in the region has been strong over the past five years with employment among IDA clients increasing by 30%. IDA will target 118 investmentsfor the South-West region in the period 2021-2024.
Counties in the South-West also benefit hugely from the direct and indirect employment generated by IDA client companies located in the South West. The South-West has a significant ecosystem of well-established companies across Technology, Life Sciences, International Financial Services and Engineering & Industrial Technologies.
A key driver of FDI in the South-West is the city of Cork, the development of which the NPF recognises as critical to enhancing Ireland’s metropolitan profile. MNCs across the region are supported by industry focused third level institutions and internationally renowned research centres including University College Cork, Cork Institute of Technology (CIT), IT Tralee (ITT), the Tyndall Institute and a number of SFI Research Centres. The establishment of Munster Technological University (MTU) on January 1st 2021, through the merger of CIT and ITT, will further strengthen the South West’s value proposition to FDI. The presence of Cork Airport in the South-West is a key asset to the region in attracting and maintaining FDI.
During the period of the last strategy, IDA delivered an Advanced Building Solution in Tralee, and undertook significant upgrade work on our Business & Technology Parks in Cork, Killarney, Carrigtwohill and Mallow. IDA also invested in strategic infrastructure at Ringaskiddy in Cork.
IDA will deliver an Advanced Building Solution in Tralee over 2021-2024, while continuing to work closely with the private sector in the South-West to secure the provision of appropriate and cost-effective building and property solutions for client companies. Additional upgrade works, and investment are planned for IDA Parks in the region to ensure a robust value proposition for clients, and IDA plans to acquire additional strategic sites for future development.