Martin Shanahan announced he will step down from his role as CEO of IDA in 2023.
Mr Shanahan made the announcement while attending IDA’s mid-year update.
“It has been a huge privilege to lead IDA Ireland for the past eight years. IDA Ireland has continued to reinvent itself for over seven decades in order to position itself to win investment for Ireland,” said Mr Shanahan.
Mr Shanahan took up his role as CEO of IDA in 2014. During his tenure, the number of multinationals based in Ireland grew from 1096 to 1691, said chairman of IDA Ireland Frank Ryan.
In addition to his departure announcement, he also said IDA Ireland has recorded the highest level of investment approvals last year and maintains that outlook for foreign direct investment into Ireland is optimistic despite ongoing business threats.
Through the IDA in the last six months, a total of 155 investments were approved, 18,039 jobs were created and 73 projects went underway in regional locations.
“These are very strong half year results achieved against a backdrop of a global pandemic, Brexit, considerable geo-political uncertainty globally, inflationary pressures, supply chain challenges, climate change and energy issues and, since the start of the year, Russia’s invasion of Ukraine,” said IDA Ireland CEO Martin Shanahan.
Investments into Ireland also increased 9% compared to last year and rose 10% in comparison to pre-pandemic levels. Regional investments increase by 7% compared to 2021.
Some of the bigger investments in Munster this year, that were completed through the IDA, included the Apple expansion in Cork which will add 1,300 employees to its workforce and US drug giant Lilly’s investment of €400m into manufacturing facility in Limerick.
Mr Shanahan said that investor commitment to Ireland remains strong. However, during the IDA’s half-year results presentation, it was suggested that the outlook for the rest of the year is dependent on the future trajectory of the war in Ukraine, inflation and monetary policy.
Although Ireland remains a “compelling” place to invest in said Shanahan, there does need to be significant developments in infrastructure if the country is going to absorb the impact of these threats.
“The key areas requiring attention remain planning, housing, energy, water and wider infrastructure,” said Mr Shanahan.
Mr Shanahan said that the supply of power on the grid was also a concern that needed more attention when attracting FDI as businesses continue to grapple with a global energy crisis.
“It is particularly of concern obviously to technology companies, but also high energy users in other sectors,” said Mr Shanahan.
“We very much welcome government's recent announcements in relation to additional on power generation. But this is clearly an area we are going to continue to focus on,” he said.