Foreign investment attracted by IDA up 15%

The level of IDA Ireland-attracted foreign inward investment increased by 15% on a like-for-like basis in the first six months of the year.

In its half-year review published yesterday, the agency said that it has managed to attract 70 individual investment projects to the country to date this year — up from 61 at the same stage in 2012.

Of those 70 cases, 35 are firms making their maiden investment in Ireland.

The increase in investment also brought about an annualised rise of almost 8% in job creation; with 7,000 positions being created against the 6,500 for the first half of last year.

“Despite a poor economic background in Europe — the key market for IDA clients — and strong competition from locations such as the Netherlands and Britain, the first six months have started well for Ireland, as many companies consolidate their operations into pan-European centres,” IDA chief executive Barry O’Leary stated.

Firms announcing investment during the first half of the year included eBay, EMC, Zurich, Facebook, Yahoo and Pfizer.

Alluding to a very strong full-year performance in 2012, Mr O’Leary added that foreign direct investment progress has continued into this year, with the increase in the number of first-time investors coming here “a very clear trend” and a positive omen for the future.

Also on hand yesterday, Jobs and Enterprise Minister Richard Bruton said that, on foot of the first-half IDA figures, Government is confident that 2013 can, again, exceed expectations and deliver a third consecutive year of record investment/ job growth.

Last year saw 12,722 gross jobs created through IDA client companies, marginally down on the 13,381 reported in the previous year; but with job losses at a decade-long low; the more relevant net job creation figure of 6,570 was up by nearly 11% and represented a record high.

Mr Bruton noted that a key element of the Government’s employment growth plan is the targeting of increased job creation from the foreign direct investment sector, adding that the strong trend seen last year is continuing.