Written answers

Thursday, 4 July 2024

Department of Finance

Foreign Direct Investment

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
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248. To ask the Minister for Finance the extent to which this country remains attractive for foreign direct investment; and if he will make a statement on the matter. [29077/24]

Photo of Jack ChambersJack Chambers (Dublin West, Fianna Fail)
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Ireland is widely recognised as a stable and pro-enterprise economy. This reputation is reflected in our continued ability to attract foreign direct investment (FDI) into Ireland. Indeed the most recent data show that the stock of FDI in Ireland stood at €1.2 trillion at the end of the first quarter of this year.

FDI makes an important contribution to the Irish economy. According to the IDA, the multinational sector supports more than 300,000 jobs, approximately one-eighth of our labour force, supporting domestic SMEs indirectly. Moreover, multinational enterprises contribute to the domestic economy by way of income and corporation tax receipts.

I am conscious of the need to retain our competitive advantage on an international stage, given the positive benefits that FDI have provided for the domestic economy. Our strong legal and regulatory landscape, talented and flexible workforce, and our reputation as a stable economy will all be helpful in this regard. In order to remain competitive, it is also important that we continue to invest in education and skills as well as investing in critical infrastructure such as housing and health.

My Department is aware that challenges remain on the horizon, many of which are out of our control. However, the Irish economy has proven resilient and I am confident that we will remain an attractive location in which to invest. This Government will continue to support FDI going forward, through investing in key infrastructure and skills and maintaining our strong legal and regulatory landscape.


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