Business Irish

Thursday 14 December 2017

Over 11,000 jobs created in first six months as a result of investment, IDA claims

In total 114 projects were won in the first six months of 2017 Picture posed
In total 114 projects were won in the first six months of 2017 Picture posed

Ellie Donnelly & Louise Kelly

Investments approved by IDA Ireland in the first six months of 2017 will lead to the creation of over 11,000 jobs, according to the Government agency.

The semi-State body states that, while the investment figure is at the same level as the first half of 2016,  the job content is actually 22pc higher (compared with 9,100 in 2016).

Almost half of the jobs announced so far in 2017 by the IDA were outside of Dublin, including 400 jobs created by Northern Trust in Limerick, and 330 jobs created by health-care company MSD in Carlow and Cork.

Read more: Unemployment rate on track to fall below 6pc as downward trend continues

IDA boss Martin Shanahan
IDA boss Martin Shanahan

In total 114 projects were won in the first six months of 2017, with life-sciences, content and business services, and technology and international financial services sectors performing especially well.

The body's half year report is published as IDA Ireland and its client companies claim that Brexit continues to represent both an opportunity and challenge.

The agency said it has been in discussions with potential investors for over a year, the majority of the engagement being with financial services companies.

However, other sectors are now beginning to formulate plans based on the UK’s decision to leave the European Union, according to IDA.

Welcoming the news, Minister for Innovation and Enterprise Frances Fitzgerald TD said that Ireland continued to have a great product to sell,

"Record numbers of new jobs were won. Hundreds of new investments, from companies across a range of different sectors, were secured. Real progress was made towards ensuring that foreign direct investment is spread right across regional Ireland," she said.

"We continue to have a great product to sell. We have a talented and dynamic workforce. We have a competitive and transparent taxation regime.  We have a proven track record as a successful home to global businesses. And we have a hard-earned reputation as a country that supports and fosters enterprise."

Martin Shanahan, IDA Chief Executive Officer said that achieving a spread of investments in line with regional targets "remains a challenge, but excellent progress has been made over the first two and a half years of the strategy".

"Geopolitical instability is the main threat that client’s see affecting the performance of their business in Ireland over the next 2-3 years. The positive results are an indication of just how important Ireland’s stable economic and political environment have become for investors," he said.

"The twin challenges of both Brexit and a new US Administration have presented investors with much to think about. Indications suggest that investors believe that the new US administration may have more of an impact than Brexit."

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