Almost 230,000 Foreign Direct Investment Jobs Created In Ireland

Almost 230,000 jobs have been created in Ireland through foreign direct investment (FDI), the Minister for Business, Enterprise and Innovation, Heather Humphreys and IDA Ireland has announced.

FDI's performance has exceeded targets set by Government contained in IDA Ireland's Strategy - Winning: Foreign Direct Investment 2015-2019.

IDA clients added two and a half times more jobs under "Winning" FDI strategy than in the first four years of IDA's previous strategy 2010 – 2014. 58% of employment is now outside of Dublin in 2018, which is the highest number of people employed by IDA clients outside of Dublin in the history of the organisation, with more jobs added in the regions than at any time over the past 17 years.

Welcoming the results, Minister Humphreys, said: "The IDA's record results for 2018 underline how strongly Ireland continues to perform when it comes to attracting FDI. The significant increase achieved in employment is all the more impressive considering the highly competitive global FDI marketplace in which Ireland and the IDA operate. The Government will continue working hard in 2019 to ensure that Ireland remains a destination of choice for overseas firms looking to invest or expand their presence in Europe.

"I particularly welcome the gains made in deepening and growing investment outside of Ireland's main cities, with the largest regional employment growth achieved in 17 years. 58% of all IDA client-supported jobs are now located outside Dublin, with every region of the country seeing employment gains in 2018.

"These figures reflect the resources provided by the Government through the Agency to grow investment right across the country. I am determined, together with the IDA, to see this trend continue and we will be doing everything possible in 2019 to encourage more firms to invest further in the regions."

The Minister added: "Our ongoing efforts to grow and sustain FDI here are complemented by other actions we are taking to improve the capacity and resilience of enterprise in Ireland. This includes the new Future Jobs strategy, a whole-of-Government initiative that will better position our economy to meet the challenges that lie ahead."

Martin Shanahan, CEO of IDA Ireland, also said: "Foreign Direct Investment has transformed Ireland over the last 70 years. FDI continues to drive the economy with strong employment growth at 7%, compared to national average of 3% in 2018. FDI Exports experienced growth of 10% and an increase of 8% in the amount spent in the Irish economy on Payroll, Materials and Services – this now stands at over €19.2bn. The strength of FDI can also be seen in increasing Corporation tax receipts – IDA Client companies account for an estimated two thirds of Ireland's Corporation tax and one third of combined Income Tax, USC and Employer PRSI tax. Ireland's investment proposition continues to resonate with companies across the globe as investors search for stability and certainty."

(MH/CM)