FDI scheme for diaspora and start-ups to create 5,000 new jobs

8 Mar 2012

A new scheme designed by IDA Ireland aimed at supporting international and local firms that fall outside the remit of the State’s enterprise agencies could create 5,000 new jobs in five years, the Taoiseach said today.

The "Succeed in Ireland" programme is part of a series of measures under the Action Plan for Jobs 2012 strategy. The aim of the Succeed in Ireland initiative is to compliment the work of IDA Ireland, the Government agency responsible for securing Foreign Direct Investment (FDI) to Ireland, by rewarding the global population, whether they are Diaspora or anyone else with connections to Ireland, to introduce potential foreign investors to the idea of investing in Ireland.

The programme will provide direct financial incentives to people around the world to create employment in Ireland by making payments to those responsible for bringing sustainable jobs to the country.

It is being targeted at SMEs around the world considering expansion but not large enough to be supported by State enterprise agencies.

The initiative will be managed by IDA Ireland which after a procurement process has appointed ConnectIreland.com to promote and deliver the initiative.

ConnectIreland will liaise directly with companies, once introduced by Connectors. The team will arrange site visits, establish project parameters and work with companies right through to the investment phase.

The role of the Connector is to make an introduction between a key decision-maker in a company interested in setting up in Ireland and the ConnectIreland team and to organise a meeting between the two. Following an initial meeting the Connector can then step back, allowing the ConnectIreland team to bring the potential project to contract signing phase and gain the approval for the company to invest in Ireland and create jobs.

The reward runs from €1,500 to €3,000 per sustainable job depending on the value of the Connection and the timeframe in which the project will come to fruition.

Taoiseach Enda Kenny TD said the initiative will incentivise people around the world – including Ireland’s diaspora – to be the eyes and ears for Ireland on the global stage.

“This is an innovative scheme that offers a new channel to reach thousands of small to medium enterprises around the world and spread the word about Ireland’s strong reputation as a location for business," Kenny said.

John Kennedy
By John Kennedy

Editor John Kennedy is an award-winning technology journalist. He joined Silicon Republic in 2002 to become the fulcrum of the company’s news service He was recipient of the Irish Internet Association’s NetVisionary Technology Journalist Award 2005 and Siliconrepublic.com has been awarded ‘Best Technology Site’ at the Irish Web Awards seven times. In 2011 he received the David Manley Award commending him for his dedication to covering entrepreneurs. His interests include all things technological, music, movies, reading, history, gaming and losing the occasional game of poker.

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