IDA secured 246 new investments last year despite pandemic; created 20,123 jobs in Ireland

DUBLIN: IDA Ireland acquired 246 foreign investors despite the COVID-19 pandemic. At the same time, these investments have created 20,123 jobs in the country, IDA said in its annual statement.

Although there has been a slight decline in foreign investment compared to 2019, the IDA estimates that the COVID-19 crisis has made significant gains. In 2019, IDA received a total of 250 foreign investments. In addition, the increase in employment compared to 2019 decreased from 13,867 to 8,944.

Of the new investments made last year, 95 were from new companies. 151 are from companies previously established in Ireland.

At the same time, 52% of foreign investment is aimed at regional locations in Ireland. However, IDA says that half of the investment is in Dublin and the Mid East.

Employment in IDA-backed companies rose 3.6% to 257,394. Employment in multinational companies increased from 10.7% to 12.4% in 2019.

At the same time, IDA Ireland chief executive Martin Shanahan said he did not have an accurate understanding of investments this year but that Ireland’s foreign direct investment performance during the COVID period was significant.

He said that “sectors such as Life Sciences and Technology were much less affected and, in a number of cases, increased operations in response to demand for COVID related products, mitigating job losses in other sectors.”

“The bulk of investments came from North America, delivering 67% of investments, a larger US contribution compared to recent years,” he added.

IDA expects more than 800 new investments and 50,000 new jobs between 2021 and 2024.

 Meanwhile, Tanaiste Leo Varadkar said that foreign investment during the COVID-19 period was significant and that Ireland was a good place for companies 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,’ Mr. Varadkar added.