IDA opens second Silicon Valley office

17 Apr 2009

IDA Ireland has opened a second office in Irvine, California to increase the level of foreign direct investment (FDI) from the US into Ireland.

The IDA already has an office in Mountain View, California, and last month opened a Boston office to cover the east coast scene.

Today, there are over 460 US companies in Ireland that employ over 100,000 people. The US is Ireland’s largest source of inward investment.

Opening the new Irvine office, the Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan TD, who is on a whistle-stop tour of the US to drum up investment, said the additional IDA offices are part of the Irish Government’s worldwide strategy to increase the IDA’s global reach.

Approximately 70 companies from California have located operations in Ireland in sectors ranging from life sciences and ICT to financial services and international services.

In recent months, there have been significant announcements from many of these companies, including PayPal which is investing US$19m in Ireland, Hewlett-Packard, which is investing US$23m, and Intel, which is investing US$66m in R&D. Last week Big Fish Games opened a new operation in Cork, which is to employ up to 100 people.

“Ireland has consistently proven to be the preferred location in Europe for global companies successfully serving the lucrative European market,” Minister Coughlan said.

“The level of FDI in Ireland is proportionately one of the highest in the world. Today, over 1,000 overseas companies have substantial international operations in Ireland.

“These include many of the leading companies in information technology and communications, life sciences, international services and financial services”, Minister Coughlan added.

By John Kennedy