Irish Business Investment Profile

Ireland, through the efforts of the Irish Development Agency (IDA), has been very successful in attracting considerable investment from other countries. Here is a quick profile of the current situation. In a nutshell, Ireland has seen a slowdown, like other nations, but remains a strong location for business investment by manufacturing and service businesses alike.

1. Ten years ago there were 78,500 people employed in 860 IDA-assisted companies nationally
- In that last ten years 84,600 people lost their jobs in those companies
- Today there are 133,000 people employed in 1,100 IDA assisted companies
- Effectively the whole base of inward investment has totally changed in the decade, while it has also grown beyond all expectation.

2. Ten years ago inward investment companies accounted for about €12 billion or less than half of Ireland’s exports.
- Today they export over €60 billion of goods and services per annum – about two thirds of the total.

3. The value of inward investment to the economy, in retained spending in Ireland, has also changed significantly:
Expenditure on wages, Irish raw materials and services ten years ago was just over €4bn per annum. Today it is worth €16bn.

So, where will the IDA put its attention in the future? Four distinct areas of focus are seen:

1. Renewal of the existing overseas companies in Ireland;

2. Finding appropriate replacement investments for the closures and job losses;

3. Promoting the ‘new’ Ireland for the high value and skills based investments;

4. Researching new areas of business and building on Ireland’s capabilities and reputation to attract and develop these new sectors.

Go here to learn more.