IDA confident of further growth before meeting Jobs and Enterprise Minister

The IDA is likely to renew its push for more resources, to help it accentuate its promotion of Ireland as an investment location, when it formally meets Jobs and Enterprise Minister Mary Mitchell-O’Connor in the coming weeks to review its strategy and performance.

The agency yesterday said it was “reasonably confident” of matching 2015’s record levels of FDI- related job creation this year. In the first six months of this year, approved investments have created 9,100 jobs; marginally up on a year-on-year basis.

A total of 115 investments were secured in the first half, five more than in the same period last year.

A significant increase in regional investment was also noted.

Furthermore, the agency said it was ahead of target in meeting its 2015-2019 target of having 80,000 new jobs, 900 new investments and €3bn in fresh R&D spend.

It is understood the agency already has an additional finances and resources request lodged with the Department of Jobs, Enterprise and Innovation and that the issue will be raised again at the upcoming scheduled meeting with the Minister.

Minister Mitchell-O’Connor was present at yesterday’s publication of the IDA’s first half performance review and welcomed the progress made.

She said that the Government “will continue to work with the IDA, throughout 2016, to win new investment to Ireland” adding that the number of overseas trade missions will be “ramped up”.

“The IDA needs to be bold and ambitious in its efforts to woo companies from the UK to Ireland.

"If this requires beefing up resources at the IDA in order that we can have a stronger presence in London and in other cities around the world where large corporations with UK operations are based, then this must be done,” Fianna Fáil’s finance spokesperson Michael McGrath said.

IDA chief Martin Shanahan also responded to a call from the American Chamber of Commerce in Ireland for the introduction of tax breaks on share options awarded to company executives.

The Chamber said that Ireland’s 12.5% corporate tax rate was not sufficient, by itself, to ensure inward investment and that changes to the income tax code would “significantly enhance” Ireland’s offering. Mr. Shanahan said that the Chamber had “a kernel of a point”.

He also said that the agency was working “extremely hard” to try to secure a replacement investor for the 240 jobs being lost by pharmaceutical firm Roche in Co Clare and said Ireland is attracting “a significant amount of capital intensive biopharma investment to support the commercialisation of new drugs.”