Growing India-Ireland Trade and Investment Links: Increasing Influx of Companies Choosing Ireland
Dublin: The annual report from IDA Ireland highlights the deepening trade and investment connections between India and Ireland. Tanaz Buhariwalla, IDA Ireland’s India Director, disclosed ongoing positive discussions with Indian companies aimed at fostering increased investments and reinforcing bilateral ties.
The discussions primarily centre around new investments and the creation of permanent employment opportunities, with a specific focus on life sciences and technology companies. Additionally, there is an emphasis on promoting sustainability, enhancing automation, and developing value chains.
Ireland’s Business-Friendly Environment
The report underscores Ireland’s favorable business environment, which serves as a catalyst for companies looking to expand operations and initiate environmentally friendly initiatives. The cooperation between India and Ireland is described as highly positive, reflecting global business excellence.
IDA Ireland’s Operational Excellence
The annual report highlights the commendable performance of IDA Ireland in the previous year. Notable achievements include an increase in foreign direct investment (FDI), growth in permanent employment opportunities within the FDI sector, regional investments, client engagement, research and development, innovation, sustainability, and digitalization.
Positive Trends in FDI and Employment
The data indicates a significant surge in overall foreign direct investment in Ireland, totaling 248 projects and resulting in the creation of 19,000 jobs. Of these, 83 investments were greenfield or first-time investments. IDA Ireland currently oversees 1,800 client companies, contributing to the employment of 300,583 individuals in 2023. This marks the second consecutive year with such high employment figures, constituting approximately 11.3% of the national employment.
Sector-wise Employment Growth
Except for a marginal decline in the information and communication services sector (2.9%), all other sectors experienced positive employment growth. Modern manufacturing saw a growth of 1.8%, traditional manufacturing at 0.2%, and business, financial, and other services at 0.8%.
IDA Ireland CEO Michael Lohan attributes the increased investments to Ireland’s attractiveness and the robust relationships forged with FDI companies.
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