Sunday 23 October 2016

IDA to use EU status to gain foreign investment

Published 25/06/2016 | 02:30

IDA boss Martin Shanahan. Photo: Mark Condren
IDA boss Martin Shanahan. Photo: Mark Condren

IDA Ireland believes that the country may benefit from the UK vote. The State's inward investment agency has pointed out that Ireland's access to the Single European Market may prove to be a key selling-point in attracting business here instead of the UK.

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However, the IDA maintains that a 'Remain' vote would have benefited Ireland more.

"IDA Ireland's view throughout this period has been that Ireland would benefit overall from the UK remaining a member of the European Union," IDA chief executive Martin Shanahan said.

"However, now that there is certainty on the result, IDA Ireland will liaise directly with its 1,200-plus client companies and potential investors over the coming weeks in order to work with them on the implications of the vote." Mr Shanahan also reiterated that Ireland remained a strong, open and competitive economy.

"While not what we had hoped for, the situation may present opportunity for Ireland in attracting Foreign Direct Investment (FDI). Ireland will remain a member of the European Union with full market access and that will be attractive to investors.

"Ireland's proposition to inward investors will continue to resonate," he said.

Irish Independent

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