Sunday 22 April 2018

IDA plans 40pc jump in regional investments

Martin Shanahan, CEO of the IDA
Martin Shanahan, CEO of the IDA
Peter Flanagan

Peter Flanagan

The IDA aims to increase foreign investment in areas outside Dublin by as much as 40pc over the next five years, amid criticism of its perceived inability to bring jobs to the regions.

In its half-year update, the State investment agency said just over 40pc of investment by client firms is focused on Dublin.

While Dublin remains hugely attractive because it is the one major European city in the Republic, IDA chief executive Martin Shanahan said the agency was aiming to increase investment elsewhere sharply.

"Would we like to bring more into the regions of course," he said.

"Dublin is a city of international scale, and very attractive for many reasons," Mr Shanahan added.

While the IDA wants to maintain the amount of cash and jobs that go the capital, it is now planning to increase the amount that goes elsewhere by "between 30pc and 40pc". "Attracting investments into all regions will take time, but based on some of the significant investments we have seen to date - I'm confident that we are progressing in the right direction and I expect that IDA will be in a position to announce several more significant investments in regional locations in the coming months," said Mr Shanahan.

The agency said jobs have been created in all eight of its administrative centres around the country so far this year.

Mr Shanahan also dismissed the suggestion that Ireland may lose out on investment because of a shortage of suitable office space in Dublin.

News of the plan to boost the regions came as the IDA released its half year update. The report showed that IDA-client companies announced the creation of 9,000 jobs so far this year, compared to 8,000 over the same period during 2014.

It is claimed that every 10 IDA jobs creates seven indigenous ones.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business