IDA posts strong half-year results for 2018
The first half of 2018 has been very positive according to a report from IDA Ireland, the inward investment agency of the Irish Government. The investments that were agreed in the first 6 months of 2018 are expected to result in the creation of over 11,300 jobs.
With 139 new projects in the pipeline for Ireland, 51 of which were regional, the country’s performance is up from a figure of 114 last year (2017). The three strongest areas were Technology, Financial Services and Pharmaceuticals.
IDA Ireland contends with intense competition from many other countries around the world. Commenting on the excellent work of the IDA, Minister for Business, Enterprise and Innovation, Heather Humphreys TD said: “I would like to commend the IDA for what has been incredibly productive year so far for foreign direct investment. They have demonstrated a remarkable ability to reorganise and adapt themselves in response to challenges such as Brexit. With over 40 Brexit-related investments won since 2016 and strong investment flows from the Asia-Pacific region, the pipeline for FDI in Ireland remains very strong indeed.”
IDA Ireland CEO Martin Shanahan said: “This has been another strong half for investment growth in Ireland. We are now well past the half-way point of our current Winning strategy, and I am encouraged by today’s figures.”
“IDA Ireland operates in an extraordinarily competitive environment with all countries fighting for the same investment. All foreign investment is hard won and I would like to pay tribute to my colleagues in IDA Ireland who continue to target opportunities and pursue them, on Ireland’s behalf.
“I am particularly encouraged by our progress in China, South Korea and India in recent months with investments from companies like Wuxi (China), SK biotek (South Korea) and Leetha (India). IDA Ireland has invested in Asia over several years now, and I’m glad to see that investment paying dividends.
“As a small open economy, Ireland is heavily exposed to external geopolitical developments. The only way we can guard against this rapid change is by making sure our economy remains competitive.”
New focus on Regional Development
The IDA has placed a large focus on regional development across Ireland. With a great deal of investments firmly focused on Dublin and its surrounding areas, the IDA has been successful in winning investments for the regions. In 2018 they announced 600 jobs in the Mid-West at Edwards Life Sciences. In addition to this, they announced a further 400 new jobs for Dundalk with Wuxi Biologics. There were also another two significant announcements in Longford in Avery Dennison and Red Seal Cups, bringing 300 jobs to the Midlands region.
IDA Ireland CEO Martin Shanahan said “IDA is making steady progress on regional investments. There have been 344 investments approved for the regions in the three and a half of the IDA’s current five year Winning strategy. This compares with 346 over the full five years of IDA’s previous strategy.”
Not resting on their laurels, IDA CEO Martin Shanahan said: “Unless Ireland stays competitive, we will not continue to see these investment numbers, it’s as simple as that. Ireland cannot be complacent about its competitiveness.”
“The last three years have seen record job creation numbers within the IDA Ireland client portfolio – there are over 210,000 directly employed in FDI companies in 2018. We cannot take this investment for granted and companies will go elsewhere unless we maintain an environment that is conducive to doing business.”
“There needs to be a continued relentless focus on Competitiveness and IDA Ireland will continue to work with Government to ensure that those areas prioritised by investors are addressed.”
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