IDA’s US base costs €5.4m
Monday, July 16, 2012
The Minister for Jobs, Enterprise and Innovation, Richard Bruton has confirmed that the costs last year of operating the IDA’s six offices in the US ran to €5.4m.
Mr Bruton confirmed that the total costs of administering the IDA’s 18 overseas offices in 2011 was €10.5m.
He said: "These offices are located in New York, Boston, Chicago, Atlanta, Irvine and Mountain View in California, London, Paris, Frankfurt, Tokyo, Shanghai, Shenzhen, Singapore, Mumbai, Bangalore, Australia, Russia and Brazil.
"It is not possible to give a breakdown of the cost of each individual office, but the total costs associated with the six offices in the US are €5.4m; the three European offices are €2.5m; and the nine remaining offices in Asia and growth markets are €2.5m."
Last year, the IDA enjoyed its best year since 2002 with client companies generating 13,000 new jobs.
In response to a Dáil question from Sinn Féin’s Martin Ferris on the issue of overseas office costs, Mr Bruton explained: "The IDA’s network of overseas offices is required to underpin the agency’s overall strategic plan, Horizon 2020.
"Its overseas offices are the first point of contact for potential new investors into Ireland and also provide ongoing contact between the agency and its existing clients. The opening of additional offices by the IDA in recent years is part of the Government’s worldwide strategy to increase the IDA’s international presence in the attraction of foreign direct investment.
Mr Bruton noted: "The US remains a key IDA market, with 72% of foreign direct investment in Ireland originating from the US."