IDA Ireland expects to create 80,000 jobs with new five-year FDI plan

IDA Ireland expects to create 80,000 new jobs over the next five years through a new strategy that aims to boost foreign direct investment by over 40pc over that timeframe.

Requiring IDA Ireland to win 900 individual projects, this would bring total direct employment by overseas companies in Ireland to 209,000 people by 2019 – the highest level of employment from overseas firms in the history of the State.

In the five-year plan entitled ‘Winning’, IDA Ireland commits itself to increasing the level of investment into each region of Ireland by between 30pc and 40pc, targeting the same level of investment Dublin has achieved over the past five years.

A €150m property investment plan, spread out over five years, will support the achievement of the organisation’s regional goals, the agency said. 

The funding will be used to upgrade Ireland’s business and technology parks, make investments in a number of strategic utility-intensive sites and build new advanced technology buildings in regional locations.

In relation to its global strategy, IDA said North America would remain the key source market for FDI, but it is targeting market share growth in Europe and increasing returns from regions such as Asia-Pacific. 

There is a strong emphasis in the strategy on bringing first-time investors to Ireland from all three markets and IDA will continue to target high growth companies. 

“International competition for investment has never been more intense. IDA Ireland has set ambitious investment and jobs targets for the next five-years. In order to achieve these targets, a continuation of the pro-business policies that have been employed to-date is required and we need to maintain our competitiveness,” said chief executive of IDA Ireland Martin Shanahan.

“To achieve the ambitious FDI regional targets in this strategy will require the support of all regional stakeholders to help develop attractive regional offerings.” 

IDA believes a range of sectors present opportunities for Ireland over the period of the strategy, including: internet of things, big data, security biometrics, smart ageing, portable services and financial technology.

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