Focus switches to hi-tech research, development and innovation projects

THE IDA will continue to focus on hi-tech research, development and innovation (RD&I) investment projects as it looks to increase inward investment levels and meet ambitious targets for the coming decade.

The agency’s end-of-year report for 2010, published yesterday, detailed increases in new foreign jobs, investments, and companies investing here for the first time. Investment in the RD&I area alone topped €500 million last year.

“It’s clear that the Government’s investment strategy for science, technology and innovation is the right one to create high-quality jobs and support export-led economic recovery,” said Enterprise, Trade and Innovation Minister Batt O’Keeffe.

“Crucially, the Government has resourced the state’s enterprise and innovation agencies, including IDA Ireland, under the four-year plan for economic recovery to meet its job creation targets and accelerate our return to sustainable economic growth,” he said.

IDA Ireland is targeting 105,000 new jobs and 640 foreign inward investments by 2014 and 240,000 jobs, from overseas companies, during the 10 years up to 2020. The agency said it would continue looking at high-value RD&I projects and further manufacturing investment opportunities in the coming years. Specific sectors of interest include life sciences, ICT, Cleantech and financial services.

Ireland, according to the IDA, is winning more jobs through foreign direct investment channels than anywhere in the world.

But the agency warned that this can only continue to be the case if the country continues on boosting its competitiveness levels.

“The improvement in competitiveness [business costs, cost of living, corporate rents, energy prices] is helping secure new FDI for Ireland and a continuing focus on improving competitiveness is essential,” the agency said.

IDA chief Barry O’Leary said: “The international FDI community continues to have confidence in Ireland.

“We too should be confident in our ability to secure increased levels of investment. Our enhanced competitiveness means Ireland is winning more FDI business, which is contributing significantly to Ireland’s export-led economic recovery.”