IDA Ireland CEO Michael Lohan. Image: Maxwell Photography
Direct employment by IDA Ireland clients in 2023 was 300,583, accounting for 11pc of national employment according to the agency’s annual report for 2023.
Ireland continues to show strong performance in attracting foreign investment despite a challenging global operating environment, according to IDA Ireland figures published today (8 July).
The state agency responsible for attracting foreign direct investment (FDI) into the country revealed in its mid-year results that it supported 131 investments in the first half of this year, 74 of which are planned for regional locations. This is estimated to create around 8,900 jobs in the Irish economy.
This is a slight drop compared to the same period last year, when the agency reported 139 investments, which was less than the same period in 2022, when 155 investments were reported.
The mid-year results were released alongside IDA Ireland’s annual report for 2023, which revealed that the agency now has more than 1,800 clients in its portfolio who have chosen to invest in Ireland – a third of which have been around for more than 20 years.
IDA Ireland CEO Michael Lohan said that Ireland’s proposition as a location for FDI remains strong against the backdrop of an “intensely competitive” global environment and the proliferation of industrial policies.
“Ireland has a track record of being nimble, demonstrating a level of agility that will be key to ensuring future success … I am very pleased to have welcomed several investments of significant scale in these areas so far this year that will deliver real and far-reaching impact to the economy.”
Direct employment by IDA Ireland clients in 2023 was 300,583, accounting for 11pc of total national employment according to the report. Combined direct and indirect employment by IDA Ireland clients totals more than 540,000 jobs.
Despite the strong performance, IDA said there was a slight net employment loss of 1,014 in 2023 (a change of -0.3pc year-on-year) which it attributes to a “slowdown” in the information and communication technology (ICT) services sector.
Losses were largely driven by headcount reductions and hiring freezes, rather than by company closures, the report notes, adding that this was balanced against continued growth in life sciences, financial services and engineering.
Meanwhile, regional employment increased in 2023 to 163,471 jobs, the highest figure on record.
“Ireland continues to be recognised as a highly stable and attractive location for global investment,” said Minister for Enterprise, Trade and Employment Peter Burke, TD.
“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. 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.”
Some of the recent investments secured by IDA Ireland include Pentagon Technologies, Bristol Myers Squibb, Evernorth Health, IBM, North American Bancard, and Motorola Solutions earlier today.
“I am confident we will see more of these types of investments in the coming years,” Lohan added. “As we formulate the new IDA Ireland strategy for 2025 and beyond, we are committed to working with our stakeholders in furthering Ireland’s value proposition for enterprise development.”
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