IDA targets 80,000 multinational jobs

IDA Ireland is targeting another 80,000 jobs, to be created by overseas multinationals, between now and 2020; forming a boost to inward foreign direct investment of over 40% during the five-year period.

The agency outlined its five-year strategy entitled ‘Winning’. Yesterday, it stressed it would address the need for a better regional spread of incoming investment projects.

The plan targets a 30% to 40% increase in investment levels into each region of the country. The agency is also set to upgrade its business and technology parks as part of a five-year €150m property investment plan. It said it is confident of achieving its regional goals.

“IDA will target the same high level of investment Dublin has achieved over the past five years,” the agency said.

“To achieve the ambitious foreign direct investment regional targets, in this strategy, will require the support of all regional stakeholders to help develop attractive regional offerings,” said IDA chief executive Martin Shanahan. Overall, IDA Ireland is aiming to win 900 individual investment projects over the coming five years. By 2019, the hope is total direct employment by overseas firms operating in Ireland will have reached 209,000; which would rank as the highest level in the history of the State.

“International competition for investment has never been more intense. IDA Ireland has set ambitious investment and jobs targets for the next five years. In order to achieve these targets, a continuation of the pro-business policies that have been employed to-date is required and we need to maintain our competitiveness,” Mr Shanahan said.

At the turn of the year, the IDA reported another bumper year of foreign direct investment activity for 2014. While also saying it would be increasing its focus on a broader regional shift of projects, it also noted that 2014 was the best year since 2009 for investment outside Dublin and Cork, with a 7% rise to 37%, in investments in regional areas.

In co-launching the strategy, Jobs Minister Richard Bruton said the Government had two main aims in mind.

“Firstly, to set even more ambitious national targets, and we have done that by targeting more net extra jobs per year over the next five years than even the very impressive performance in 2011-2014.

“Secondly, in keeping with our recently- announced Action Plan for Jobs, we have set highly ambitious targets for regional job creation,” he said.

Dublin Chamber has urged Government to ensure the necessary infrastructure is in place to facilitate the IDA’s growth targets.