A 20% increase in IDA Ireland client spending here by 2024 is among the targets contained in the Government's new Enterprise White Paper, which was approved by the Cabinet today.

The blueprint also aims to see at least half of all foreign direct investments (FDI) between 2021 and 2024 located outside of the capital.

The plan sets fresh ambitions for exporting too, with a 2.5% average annual growth in Irish owned enterprise productivity being sought by 2024.

It also seeks a 50% increase in the number of large Irish exporting companies by 2030 as well as the creation of 2,000 additional Irish owned exporters by 2030.

A 50% rise in the number of large Irish exporting firms by the end of the decade is also sought, while it also challenges Enterprise Ireland to deliver over two thirds of new jobs from its clients outside Dublin by 2024.

The new set of policies is being described as an adaption rather than an abrupt departure from existing policies.

The document, which has been in development since earlier this year, also focuses strongly on decarbonisation, and targets a 35% reduction of emissions from industry by 2030.

It also sets out a plan for a 45% decrease in emissions from the commercial built environment by 2030.

Measures are also included in the paper around digitalisation, as well as to enable locally trade sectors thrive.

The plan seeks to encourage growth in innovation with a target set to increase research and development gross spending to 2.5% of gross national income by 2030, up from the current 2.2%.

Speaking at the launch of the document, Tánaiste Leo Varadkar said he thought the targets are achievable, despite the current challenges facing the global and domestic economy and signs of retrenchment in the tech sector.

"I do think they are realistic," he said.

"They are ambitious. There is no point in having targets that are unachievable, there is no point in having targets that are too easy to achieve," he added.

He said that the three parties in Government strongly agree on the need to drive forward investment in research and development.


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Mr Varadkar also said he believes the 2.5% R&D spending target can be achieved by 2030, even though it involves a lot of money.

"But the return on R&D and research and development is so huge, I think it is an area we need to focus on in particular," he said.

The White Paper sets out the Government's enterprise and industrial policy priorities between now and the end of the decade across seven priority areas.

These include decarbonisation and net zero commitments, digital transformation, strengthening the Irish-owned exporting sector, enabling locally trading sectors to thrive, advancing foreign direct investment and trade proposition, improving enterprise innovation and building on strengths and opportunities.

The review began in March and included a consultation process as well as the involvement of an advisory panel made of international experts.

The Tánaiste said the new policy aims to lay out a vision for the country's enterprise policy that will both protect the economy and respond to challenges and opportunities.

These include the Covid-19 pandemic, wider economic and geo-political developments such as the Ukraine war, the need to urgently decarbonise industry and digitalisation.

However, the new White Paper also comes at a time of increased scrutiny of Ireland's enterprise economy, amid signs of some retrenchment by large multinational tech firms, a growing reliance on massive corporation tax receipts and rising cost pressures.

The plan for growth also comes at a time when the economy is showing some signs of capacity constraints, in areas such as the labour market, energy, infrastructure and housing, something the Tánaiste said the Government is working to address.