The inaugural Invest in Ireland Awards will be held in Dublin this week
The inaugural Invest in Ireland Awards will take place in the Mansion House in Dublin 2 this Thursday, October 18.
The new awards were established to celebrate best practice in Foreign Direct Investment (FDI) and they will recognise the country’s leading companies across nine categories.
The categories and the shortlisted companies for this year’s awards are:
CSR Initiative Award
Dell, Hubspot, McAfee, Microsoft, VMware and West Pharma
Organisational Transformation Award
Dell, Emerald Contact Centre, N3 Results, Sanmina, Sanofi and Valeo Vision Systems
Use of R&D Award
Proctor & Gamble and Valeo Vision Systems
Excellence in Regional Investment Award
Hollister, Live Tiles, Mathworks, Regeneron Ireland, Reynaers Aluminium and Valeo Vision Systems
The Staff Upskilling Award
Bristol Myers Squibb, Gilead Sciences and WP Engine
The Commitment to Diversity Award
Citrix Systems, Dell and VMware
Emerging Business Investment of the Year Award
ConsenSys, Cylance, Founders Base (Ireland) Ltd., Pharmafilter, Rubrik and Truata
Investment of the Year Award
Almac, Bristol Myers Squibb and Wrike
Lifetime Achievement Award – FDI Hero 2018
The winner will be announced on the night.
According to figures from the IDA, its client companies contribute €17.9bn in expenditure in the Irish economy, including €10.9 billion on payroll, €2.2 bn on Irish materials and €4.8bn on Irish services. These companies directly employ 210,443 people in Ireland.
The agency secured 139 investments in the first six months of this year, which it believes will lead to the creation of 11,300 new jobs. That compares with 114 investments in the same period of last year, with about 11,000 jobs created.
So far this year, one third of investments were in the regions. IDA Ireland have also noticed an increase in investments from Asian firms.
The long term impact of FDI is evident in many Irish communities, according to Martin Shanahan, chief executive of IDA Ireland, the body responsible for attracting FDI to Ireland.
“Over time, many multinationals have become woven into the fabric of their local communities,” he said.
“Almost 60pc of them have been here for over a decade, and one third of them first established operations more than 20 years ago.”
Some familiar names have shown a decades-long commitment to the country. IBM first came to Ireland in 1956, Pfizer arrived in the late 1960s, while Apple set up its Cork operation back in 1982.
Moreover, companies like these have consistently reinvented themselves in Ireland, adapting in line with changing industry trends or strategic shifts in focus.
“The highly skilled, high-value work they carry out in Ireland today bears little resemblance to how they began here.
“Many of the companies build upon their foundations by expanding their original sites, bringing further investment and creating more jobs.”
Mr Shanahan added that FDI firms have delivered jobs and opportunities outside of the capital to the regions.
“Over recent years, IDA Ireland has pursued a deliberate strategy to further diversify investment locations around the country,” he said, while acknowledging the link between multinationals and successful indigenous businesses.
“Some of our best performing indigenous companies are in sectors where FDI activity is strongest including technology, medtech and pharmaceuticals. This is no accident, and it reflects the knowledge and experience that founders and start-ups gained from working with, or for, the Irish operations of a global company.”
He added that every time a company decides to invest in Ireland, the effects become amplified because it supports further employment and helps to sustain local businesses and communities.
The Invest in Ireland Awards are sponsored by IDA Ireland, CPL Recruitment, Vistra and William Fry as well as The Irish Independent.