Brian Stanley (Laois-Offaly, Sinn Fein)
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11. To ask the Minister for Enterprise, Trade and Employment the level of engagement that exists between his Department and the IDA to improve foreign direct investment in the midlands; and if he will make a statement on the matter. [53829/22]

Brian Stanley (Laois-Offaly, Sinn Fein)
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56. To ask the Minister for Enterprise, Trade and Employment the actions that his Department is taking to ensure that there is a reasonable spread of foreign direct investment across the State. [53828/22]

Dara Calleary (Mayo, Fianna Fail)
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I propose to take Questions Nos. 11 and 56 together.

My Department works closely with IDA Ireland to pursue foreign direct investment across the country, including the Midlands, through IDA’s regional property programme and the delivery of the agency’s strategy. Regional development is at the centre of IDA’s current strategy: Driving Recovery & Sustainable Growth 2021-2024, whereby IDA Ireland is targeting half of all investments from 2021- 2024 to regional locations. The IDA also works closely with my officials on the delivery of the key objectives in the Midlands Regional Enterprise Plan and other initiatives.

IDA Ireland will continue to work closely with existing clients across the midlands and other regional areas to retain and strengthen their presence through continued company transformation as well as pursuing new areas of opportunity for client companies.

The timely provision of appropriate and cost-effective property and infrastructure solutions to meet the needs of MNCs remains essential to winning FDI. IDA Ireland’s regional property programme aims to ensure availability of land, buildings and infrastructure in regional locations for current and prospective clients of both IDA and Enterprise Ireland.

IDA Ireland published their mid-year results in July and despite the challenging global environment, the results demonstrated significant additional foreign direct investment wins for the first half of 2022. In the first half of this year, investment levels have exceeded 2021 mid-year results by 9% and 2019 mid-year results by 10%. IDA Ireland won 155 investments up to the end of the second quarter this year. Notably, 73 of these new investments went to regional locations. These investments have an associated employment potential of over 18,000 jobs.

However, we do not take our success in attracting and maintaining FDI for granted. With rising energy costs, climate change, inflation, Russia’s war against Ukraine and increased international competition for FDI, we must continue our efforts to maintain Ireland’s attractiveness as a location for investment and as a great place to do business. My Department is currently reviewing our enterprise policy and exploring several high-level policy questions to ensure that Ireland’s economy remains attractive to enterprise and that we maintain our competitive value proposition.