Cork-based multinational is set to announce significant expansion plans this week

Minister for Enterprise Simon Coveney made his comments at an Oireachtas committee where he was asked about the future of foreign direct investment into Cork as well as other matters

Minister for Enterprise Simon Coveney. said: 'I’ll be involved this week in terms of a multinational expanding more in East Cork.' Picture: Damien Storan

A Cork-based multinational is expected to announce significant expansion plans this week, according to comments made by Minister for Enterprise Trade and Employment Simon Coveney.

Mr Coveney made his comments at an Oireachtas Enterprise Committee where he was asked about the future of foreign direct investment into Cork as well as other matters.

“I’ll be involved this week in terms of a multinational expanding more in East Cork,” said Mr Coveney.

Multinationals including pharmaceutical companies AbbVie and Gilead sciences, snack maker Pepsi, and medical equipment manufacturer Stryker, are among the large firms based in this area.

During the meeting, Mr Coveney was also asked about the current status of the the barren IDA site in Carrigtwohill.

The former Amgen site is primed to be used by multinational companies, but being left idle due to the lack of transport infrastructure around it, said Mr Coveney.

I have spoken to the IDA about this site. We don’t have many sites of this scale nationally and so I do see this as a strategic site that we do need to keep a focus on developing.

Mr Coveney added that "there has been a lot of IDA activity in and around that site".

IDA annual results for 2022 showed Ireland’s multinational sector continued to grow and boost jobs last year amid mounting economic headwinds which led to a tech slowdown, however momentum is expected to slow in the second half of this year.

"There's been no shortage in demand (of multinationals) wanting to come to Ireland recently," Mr Coveney said.