IDA Ireland secures 126 foreign direct investments in 2010

4 Jan 2011

IDA Ireland companies created 10,897 new jobs in 2010, but the year also saw nearly as many job losses in companies supported by the IDA – 9,545 job losses, to be exact, marking an increase of 1,352.

IDA Ireland, in its year-end statement, said foreign direct investment increased “significantly” in 2010, with 126 foreign direct investments secured in 2010.

Companies such as Telefonica, Warner Chilcott, LinkedIn, EA, Riot Games, Genband, Aspect and FC Stone invested in Ireland for the first time, with the first-time investments amounting to an increase of 20pc.

Investment in research, development and innovation came to more than €500m, IDA said. IDA-supported companies pay more than 60pc corporation tax in Ireland while exports from those companies amount to more than 75pc of total Irish exports.

Investor confidence

“The level of confidence demonstrated by overseas investors in Ireland ensures we will remain one of the leading locations in the world for foreign direct investment,” said IDA chief executive Barry O’Leary.

“Our enhanced competitiveness means Ireland is winning more FDI business, which is contributing significantly to Ireland’s export-led economic recovery.”

The country’s competitiveness also improved last year, said IDA Ireland. Business costs, which include labour energy, services, construction, and private and office rents, have become more competitive, with gas and electricity prices and the cost of living decreasing.

The global outlook for for foreign direct investment is challenging, IDA Ireland said, but the country’s improving competitiveness places it in a good position with respect to winning additional investment.

It’s encouraging to note that many investments secured last year will continue the recruitment process this year, IDA Ireland said, adding it will remain focused on high-end manufacturing, global services and research, development and innovation across various sectors.