Bedrock of Irish enterprise continues to invest billions
The IDA is responsible for the attraction and development of foreign direct investment in Ireland.
The other two are Enterprise Ireland and Forfás which are responsible for the promotion of Irish companies and policy and advisory matters respectively.
The IDA’s duty is to secure new investment from overseas in manufacturing and internationally traded services sectors.
It is also expected to encourage existing investors to expand and develop their businesses.
IDA chief executive Sean Dorgan said: “Ireland has been attracting inward investment for over 50 years now and we’re building up experience in doing this.
“What it involves is getting to know some of the best companies in the world in the areas that are of interest to us.”
The IDA attract overseas investment by focusing on business sectors that are closely matched with the emerging needs of the economy and that can operate competitively in global markets from an Irish base.
In recent years the agency has come under fire from smaller counties and towns across Ireland, which feel they have been ignored.
The IDA however feels strongly about the fact that small towns can’t market themselves alone for investment — it needs to be done on a regional basis.
“An individual town or city is too small to make a convincing case to an investor that they will be able to provide a number of graduates or whatever might be needed for the investment. “So when an individual town or county comes to us we’ll do what we can and work with them but we tell them try not to present yourself as just that — present yourself as a region,” said Mr Dorgan.
Building links between international businesses and third level education and research centres to ensure the necessary skills and research and capabilities are in place is one of the main challenges for the IDA.
They want to build world-leading clusters of knowledge-based activities.
The IDA enjoys an excellent reputation both in Ireland and abroad and its portfolio of investment projects speak for themselves.
Last year 71 new business projects were negotiated with new and existing clients which involve a total investment of e2.6 billion over the coming years.
Investment in research and development also continues to increase.
Last year 54 R&D investment projects were supported by IDA Ireland involving a total investment of almost e470 million. The corresponding values were e140m and e260m in 2004 and 2005 respectively.
In addition, IDA supported companies spent almost e15bn in the Irish economy last year from their annual sales of e77bn and paid over e2.8bn in corporation tax.
The IDA has many challenges ahead as Ireland faces increased competition from other counties also looking for a slice of the lucrative investment portfolio but the IDA says it will continue doing its job adding that it’s reputation already speaks for itself.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
