Written answers

Thursday, 10 February 2022

Department of Enterprise, Trade and Employment

Industrial Development

Photo of Colm BurkeColm Burke (Cork North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

68. To ask the Minister for Enterprise, Trade and Employment if he will report on IDA Ireland’s employment results for 2021; the regional spread; the factors behind the level of job increases; the level of job creation anticipated in 2022; and if he will make a statement on the matter. [6853/22]

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

I was happy to see that IDA Ireland won 249 investments during 2021, with 104 new name investments showing that the confidence of investors in Ireland remains strong.The number of people directly employed in multinational companies in Ireland grew to 275,384, this is the highest level of foreign direct investment employment ever achieved. The creation of more than 29,000 new jobs during the year is a great achievement in what remains a challenging environment.

The strong flow of projects observed during 2021 were significantly ahead of target and in line with pre-pandemic averages. This increase was driven by the expansion of existing clients and better than anticipated new name performance. The regions performed exceptionally well, winning 54% of total projects and the largest number on record at 133.

It was against a backdrop of predicted global falls in FDI levels that the IDA's Driving Recovery and Sustainable GrowthStrategy for 2021-2024 was launched. The Strategy aims to ensure that FDI can make a significant contribution to the recovery and future growth of the economy.The targets set to achieve this are to: win 800 total investments, to support job creation of 50,000 and economic activity; partner with clients for future growth through 170 Research, Development & Innovation and 130 training investments; win 400 investments to advance regional development; embrace a green recovery with 60 sustainability investments and to target a 20% increase in client expenditure in Ireland to maximise the impact of FDI.

Despite the challenges thrown up in the last two years, Ireland has proved to be a resilient and stable platform for companies choosing to invest here, 7% growth in IDA supported companies, compared to 3.6% in 2020, is notable given the global environment in which Ireland competes for foreign direct investment is constantly changing. The coming period will be characterised by an accelerated pace of change set against an exceptionally challenging economic backdrop, however, I remain confident that Ireland will continue to remain an attractive location for FDI in the future.

Comments

No comments

Log in or join to post a public comment.