Half of IDA investment projects new to Ireland

Wednesday 17 July 2013 16.44
Of the 70 projects this year, 35 have come from companies deciding to invest in Ireland for the first time
Of the 70 projects this year, 35 have come from companies deciding to invest in Ireland for the first time

The IDA says that 70 individual inward investment projects have been secured so far this year.

In its mid-year results, the agency said the projects will result in the creation of 7,000 this year and in the coming years.

That compares to 61 projects secured at the same time last year.

Of the 70 projects, 35 have come from companies deciding to invest in Ireland for the first time.

The IDA also released its annual report for 2012 which shows that over 152,000 people are working in 1,033 IDA client companies here.

2012 saw the creation of over 12,722 new jobs.

Job losses at IDA client companies were the lowest for a decade.

The strong level of foreign direct investment is also having a knock on effect in the construction industry, the IDA notes.

It says that 5,000 construction workers are engaged in building projects of IDA client companies.

Barry O'Leary, CEO of the IDA, identified the corporate tax issue as a challenge for Ireland, noting that a number of jurisdictions were attempting to enhance their taxation offering.

"Ireland's tax rate of 12.5% is a highly attractive part of the overall FDI offering, but the taxation landscape is constantly evolving, something Ireland always needs to be aware of," he said.

"Ireland operates in an international environment and is playing a full part in the OECD's Base Erosion and Profit Shifting process. Ireland will seek to move forward multilaterally with other countries on reforms which may emerge from this process," he concluded.

The Minister for Jobs, Enterprise and Innovation Richard Bruton described the results as encouraging and looked forward to a better outcome for the full year.

"I believe that we have put the resources in the field, we are backing IDA to the hilt and I believe that they can achieve a better target than even was achieved in 2012," he said.