IDA - Nearly 20,000 new hires by FDI companies in Ireland in 2017.
FDI Job Growth
2017 represents the third consecutive year of job growth for the country, with 19,851 jobs created here by FDI companies.
In 2015 the IDA’s 'Foreign Direct Investment 2015 - 2019 strategy' had set out a target of 209,000. That figure was reached, and bettered, with 210,443 people currently employed in the IDA Ireland portfolio. In addition, IDA Client Employment grew by 5.3% in 2017, against the national average of 2.3%. When we compare the results from the agency’s '2015 - 2019 strategy' to the previous strategy for '2010 – 2014', we find that the figure of 201,443 marks a 40% increase.
Martin Shanahan, CEO of IDA:
“The 2017 figures are consistent with a pattern of extremely strong job creation amongst IDA Client companies in recent years. 19,851 new jobs were created over the course of the year – resulting in 10,684 of a net gain in jobs for the year... To put this in context, less than ten years ago, across 2008 and 2009, Ireland lost over 35,000 FDI jobs. This is a salutary reminder that we can take nothing for granted in the foreign investment world – all jobs must be fought for and won against increasing international competition... In the last three years alone, IDA Ireland has exceeded the total net increase in jobs targeted in its five-year Strategy.”
A number of Brexit-related investments have been secured by the IDA in 2017. As part of their Brexit strategy, the agency has been actively promoting Ireland as a place to do business at Brexit related conference and events, in tandem with a multi-channel marketing campaign. Their efforts have resulted in companies like Bank of America, Barclays, Citigroup, JP Morgan, S&P Global, Legal & General, Pinsent Masons, Northern Trust, Citadel, Tobam, alterDomus, Fundrock, Chaucer, Kabbage, Willis Towers Watson, Bank of China and Beazley Re declaring to do business in Ireland in 2017. The IDA plan to continue to work with and engage senior C-Suite executives from across the Technology, Life Sciences, Financial Services and the legal sectors on Brexit and potential investment opportunities in 2018 for Ireland.
In order to achieve the best possible outcome for the remaining two years of its strategy, the Agency plans to make a number of adjustments to its strategy.
- IDA Ireland will be reorganising its global footprint from 3 to 4 territories in recognition of Brexit (USA, Europe, AsiaPac, United Kingdom).
- The United Kingdom will be treated as a separate territory.
- From 2018, IDA Ireland’s continental European business will be managed from its Frankfurt office.
- IDA Ireland will open a new Canada Office in Toronto in 2018.
- IDA will explore a number of new market opportunities – UAE, Turkey and South Africa.
- IDA will focus on opportunities and challenges presented by Artificial Intelligence (AI) and Robotics.
Although targets have been reached, the IDA has no plans to rest on its laurels. The agency is more than aware of the competition it faces on the international stage.
Martin Shanahan, CEO of IDA:
“Based on the performance for the first three-years of the strategy, IDA expects to exceed the Investment and Job creation targets set for Winning FDI Strategy 2015–2019, but significant down-side risks exist. The business environment for FDI remains very competitive with many other countries seeking to win the same investments as Ireland... Maintaining the competitiveness of the Irish economy remains essential.”
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