Wednesday 17 January 2018

IDA promises 80,000 jobs new jobs through FDI over five years

Martin Shanahan, CEO of IDA Ireland, arriving for the Dail Public Accounts Committee
Martin Shanahan, CEO of IDA Ireland, arriving for the Dail Public Accounts Committee
Colm Kelpie

Colm Kelpie

The IDA has pledged to create 80,000 new jobs by increasing foreign direct investment into Ireland by more than 40pc.

The agency unveiled its new five year strategy this afternoon, which also aims to boost the level of investment in the regions by between 30pc and 40pc.

It said it will target the same high level of investment into the regions that Dublin has achieved over the past five years.

The IDA's previous strategy had a target that 50pc of FDI into Ireland had to be in areas outside of Dublin and Cork.

A €150m property investment plan, spread out over the five years, will be used to support the regional targets.

IDA chief Martin Shanahan said international competition for investment has never been more intense.

"IDA has set ambitious investment and jobs targets for the next five years," he said.

"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. "

Jobs Minister Richard Bruton said the challenge will be in delivering.

But he said he was confident it could be achieved.

"This will make a major contribution to our target of full employment by 2018, helping to grow tax revenues and ultimately create a better country for people to live in"

The IDA said the USA would remain the key source for FDI. But a focus will also be on bringing first time investors from Europe, Asia Pacific and the US.

The agency also said it is targeting a 20pc increase in speeding by overseas firms within Ireland, bring expenditure to €26.8bn per year.

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