Peter Burke (Longford-Westmeath, Fine Gael)
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My Department collaborates closely with IDA Ireland to ensure a strong continuing pipeline of Foreign Direct Investment (FDI) into Ireland. To that end, Ireland’s proposition for FDI investment remains strong, as demonstrated by IDA’s results for the first half of 2024 where the IDA supported 131 investments, 74 of which are planned for regional locations, enabling the future delivery of 8,900 jobs to the economy against an increasingly challenging global operating environment.

Ireland continues to be seen as a location of choice for new investors and long-established companies who choose to reinvest in substantial expansions of their operations here.

Government is well aware of, and the IDA has noted publicly, that the marked increase in policy interventions in support of geopolitical and strategic industry-related objectives has heightened the competition for FDI across key growth sectors. Other jurisdictions are bolstering their offerings as they seek to emulate Ireland’s model of success. Nevertheless, despite a challenging external environment, IDA posted a strong performance in 2023, winning 248 investments, with an associated gross job creation potential of almost 19,000 and the performance in the first half of 2024 supports our belief that Ireland continues to be recognised as a highly stable and attractive location for global investment.

The number of projects secured in 2023 and so far in 2024 included a record number of transformation investments in Research, Development and Innovation (RD&I), talent development, digitalisation, and sustainability. Direct employment in IDA Ireland client companies stood at 300,583 people nationally in 2023, with a record high regional employment figure of 163,471.

Ireland offers a competitive, consistent, and transparent corporate tax regime, good access and connectivity and an excellent return on investment, and is an attractive environment where people want to live and work.

FDI plays an important role in Ireland’s continued economic success – sectors dominated by IDA client companies account for an estimated 70% of corporation tax receipts as well as a significant contribution to income tax receipts. Ireland has developed a reputation for excellence in sectors like Pharma, Med Tech, ICT and Financial Services with many of the top global companies in these fields located and operating very successfully here, many with considerable longevity.

Government continues to review overall enterprise policy, which has been very successful to date, and the IDA will continue to constantly self-evaluate to make sure Ireland remains competitive and an attractive place in which to invest and create jobs. The IDA is currently preparing its next strategy with its current four-year strategy concluding at end-2024.

Government remains committed to ensuring the right polices are in place to facilitate the development of appropriate skills, infrastructure, and innovation to facilitate strong levels of FDI into the future. Ireland continues to be recognised as a highly stable and attractive location for global investment. Our country has a reputation for being agile, with an economy underpinned by a dynamic ecosystem of global companies, indigenous enterprise and academia working in collaboration.

As we face a challenging and competitive global environment, Ireland will continue to strengthen its attractiveness for FDI and is delivering on key FDI strategies under the White Paper for Enterprise and through investments in our supporting infrastructure through the NDP and Project Ireland 2040 and our Offshore Wind Industrial Strategy to name just three key policies.