Simon Coveney (Cork South Central, Fine Gael)
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I propose to take Questions Nos. 437 and 438 together.

The IDA's Driving Recovery and Sustainable Growth Strategy for 2021-2024aims to ensure that FDI can make a significant contribution to the recovery and future growth of the economy. Its targets include:

• To win 800 total investments, to support job creation of 50,000 and economic activity
• To partner with clients for future growth through 170 RD&I and 130 training investments;
• To win 400 investments to advance regional development;
• To embrace a green recovery with 60 sustainability investments;
• To target a 20% increase in client expenditure in Ireland to maximise the impact of FDI.

The strategy is delivered through a focus on five pillars: Growth, Transformation, Regions, Sustainability, and Impact. These interlinked pillars align with, and are guided by, the UN Sustainable Development Goals (SDGs). At a national level they reflect the approach and ambition of the Programme for Government and the White Paper on Enterprise.

Despite the difficult global economic environment, total employment in IDA client companies in Ireland reached 301,475 in 2022, a 9% increase on 2021. The best FDI employment figures in a single year were also recorded in 2022 – with over 24,000 (24,019) net new jobs created, which represented a 43% increase on 2021. In total, 242 FDI investments were won by IDA in 2022, of which 103 were new name investments. Regional employment now stands at 163,653 an increase of 7% on previous year, 127 projects (52%) of the 242 investments won, went to regional locations. Employment in IDA client companies grew in every region of the country, with the Midlands region showing growth of 10.5%.

The IDA Midlands region comprises of Westmeath, Offaly, Laois and Longford. There are 50 IDA client companies in the Midlands Region, employing 7,665 people. 27 companies in Westmeath employ 4,501 and 7 companies in Longford employ 1,620 people. The FDI performance in the region has been consistent over the past five years with employment among IDA clients increasing by 48% over that time. The region has an impressive range of companies across all industry sectors, with particular strengths in Life Sciences, Technology, Global Business Services, International Financial Services, and Engineering & Industrial Technologies. The existing FDI base of client companies in the region continues to perform well in terms of their operational sustainability, job retention and ongoing transformation.

Notwithstanding the serious global challenges and uncertainties on the path ahead, FDI is well placed to remain a vital contributor to Ireland’s prosperity and future success. The fundamentals of what investors are looking for in seeking to internationalize have not changed. They seek stability, consistency, a talented workforce and a business-friendly ecosystem. In this regard, Ireland's FDI value proposition remains strong. Moreover, Ireland is a stable investment location with access to the EU market, as the only native English-speaking EU Member State providing companies investing here with access to the EU market’s 450 million consumers.

From the perspective of the Enterprise Ireland (EI) mandate, EI client companies now employ 218,178 people, an increase of 5% on the 2021 outturn and 68% of these jobs are outside Dublin. The total number of jobs in EI companies in 2022 in Westmeath is 3,099, and in Longford is 2,223. Strengthening regional enterprise development is a central focus for EI in their Strategy 2022-2024 – Leading in a Changing World. Their response will reflect the varying needs and opportunities of enterprise across the different regions and encompasses working directly with companies in the regions.

EI also works with regionally-based partners through the Regional Enterprise Plan Steering Committees and related funding streams to strengthen the enterprise ecosystem. In this regard, infrastructure will drive increased enterprise collaboration, through cluster and network development, working in partnership with stakeholders across the regional enterprise ecosystem, including the Local Authorities, Údarás na Gaeltachta, Regional Assemblies, and higher and further education providers.

Specifically, insofar as Westmeath is concerned, the creation of a National Science Park on the old Mullingar Imperial Tobacco site as a hub for R&D and manufacturing companies to locate already has already secured several key tenants, including medical packaging company Steripak, Enterprise Ireland funded R&D organisation IMR (Irish Manufacturing Research) and technology accelerator venture company Zoosh Ltd. in addition, the tourism initiative, Destination Athlone, has significant local support and enterprise and employment potential. Improved road links between Athlone with other midlands towns key to winning support from other counties in midlands region.

From the perspective of Longford, both my Department and our development agencies are acutely aware that the Bord na Móna job losses will significantly impact Lanesboro in Longford as well as the wider Midlands region. In response, the Government's Just Transition Fund for the Midlands Region (also supported by the ESB) has been put in place to help alleviate this impact. Other important supports include:

• Irish Manufacturing Research (IMR) as a not-for-profit CLG company that was formed in 2014 with the mission to facilitate significant growth and job creation in the Irish manufacturing sector, which aims to develop and commercialise next generation manufacturing technologies, deemed critical by Irish companies, through a collaborative industrial engagement business model. IMR will develop in the region a significant and important research and development capability in the areas of Collaborative Robotics and Augmented Reality/Virtual Reality in partnership with Industry.
• the Urban Regeneration Development Fund (URDF), under which, in 2021, the Department of Housing, Local Government and Heritage announced a €25.8m stimulus package for four projects across the Midlands (Westmeath, Longford, Offaly and Laois), which will also support enterprise and employment potential.