IDA Ireland announces results for 2020, and Tánaiste launches IDA Ireland’s new four-year strategy
Regional investment continued to grow in 2020 despite the serious economic and social disruption experienced as a result of the COVID-19 global pandemic, IDA Ireland’s annual results, published today, show.
246 new investments were won in 2020 and 20,123 new jobs were created.
95 investments were from new investors and 151 investments from existing companies.
128 (52%) of the 246 projects won were for regional locations.
Employment growth of 3.6% in IDA Ireland supported companies was achieved in 2020.
Total employment in IDA Ireland client companies in Ireland now stands at 257,394, accounting directly for 12.4% of COVID-adjusted national employment, up from 10.7% in 2019 as a result of the severe impact of the pandemic on certain domestic facing sectors and the employment growth within IDA Ireland’s client base.
Additionally, eight jobs are created in the wider economy for every ten created by IDA Ireland client companies, amounting to estimated total direct and indirect employment of 463,309.
Tánaiste & Minister for Enterprise Trade & Employment Leo Varadkar T.D. said: “Despite a year of unprecedented challenges to our economy, these results show that foreign direct investment has been remarkably resilient. We still saw a net increase in FDI jobs of nearly 9,000 in 2020. This is a testament to the attractiveness of Ireland as a destination for companies seeking to invest. FDI was central to Ireland’s recovery during the last recession and it will be crucial again as we rebuild after the pandemic. As a small open economy, we need both our indigenous and FDI sectors to be strong and built on solid foundations. Around half of all investment made by FDI companies this year went to counties outside of Dublin. We will continue to seek out opportunities for all parts of the country, not just our major cities and towns.
Ireland’s existing base of FDI demonstrated resilience throughout 2020, IDA Ireland’s Divisional Head of Regional Development and Property, Denis Curran commented: “FDI continues to make a significant contribution to the development and growth of Ireland’s regions. Despite challenging global economic conditions, 128 investments were secured for regional locations in 2020. This is a strong outcome highlighting IDA Ireland’s priority of targeting investments for regional locations. IDA Ireland will continue to prioritise regional investments in our new strategy, Driving Recovery & Sustainable Growth 2021 – 2024 where we will aim to win 400 regional investments over the life of the strategy.
To read the full IDA Press Release click here: https://www.idaireland.com/newsroom/regional-investment-grew-as-foreign-direct-investm
To view IDA Ireland’s new strategy Driving Recovery & Sustainable Growth 2021 – 2024 visit: https://www.idaireland.com/about-ida/driving-recovery-and-sustainable-growth-2021-2024