Business Irish

Wednesday 17 July 2019

FDI data shows US dominance over Asia

 

IDA chief executive Martin Shanahan. Photo: Frank Mc Grath
IDA chief executive Martin Shanahan. Photo: Frank Mc Grath

Fearghal O'Connor

New figures have further underlined the dominance of US companies over Asian ones when it comes to foreign direct investment into Ireland.

As trade tensions between the US and China continue to heighten, a breakdown of IDA- supported companies in Ireland by Enterprise Minister Heather Humphreys showed that Asia accounted for 101 investments - mainly from China and India - compared to 766 from the US.

Humphreys said that in 2018 24 investments were secured from "growth markets", representing an increase of 14pc on 2017. "I am particularly encouraged by the progress made by IDA Ireland in attracting first-time investors from Asian markets," she said. "Last year, for example, saw notable investments from Chinese, Indian and South Korean firms. This shows that the concerted effort that the IDA has made to target Asian investors is now producing results."

Humphreys said the Government "remains conscious of our need to continue attracting FDI from as many different countries as possible" but also could not "neglect the importance of our traditional source markets."

Sunday Indo Business

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