In the face of geopolitical uncertainty and growing competition IDA Ireland to focus on growing jobs, upskilling workers and retaining businesses that have invested in Ireland.
IDA Ireland has revealed its new strategic objectives for the next five years that will prioritise retaining and renewing the 1,800 businesses that have located in Ireland.
As part of the new strategy, entitled Adapt Intelligently: A Strategy for Sustainable Growth and Innovation, the investment agency is targeting 75,000 new jobs over the coming five years and plans to upskill 40,000 Irish workers.
“The impact of FDI is reflected in every facet of the Irish economy from our employment numbers to our enterprise base, integrated supply chains and the development of critical infrastructure”
IDA wants to secure 1,000 new investments that will deliver €250bn to the Irish economy in the form of wages, spending on Irish goods and services and capital investment, as well as further embed existing operations that are here.
In this time it aims to secure €7bn worth of new research, development and innovation (RD&I) investments.
Making Ireland the best country in the world for FDI
The agency’s core areas of focus will include life sciences, international financial services, high value manufacturing, engineering, and technology and content and consumer services.
Sustainability will be a key factor with a focus on making Ireland a prime location for green-powered and digitally-enabled enterprises. As part of this focus, IDA Ireland said it is targeting a reduction by 35% in client carbon emissions.
While Dublin’s position as a global hub will remain a strategic priority for IDA Ireland, growing investments across all the regions of Ireland will see 550 regional investments in the next five years.
IDA Ireland client companies currently employ more than 165,000 people in regional locations across Ireland.
“Innovation, competitiveness, resilience and ambition are at the core of our new strategy that is designed to further propel FDI in Ireland,” said IDA Ireland CEO Michael Lohan. “I am extremely proud of the performance by the IDA team who, in partnership with our 1,800 clients and stakeholders, have achieved exceptional results against the objectives set out in our previous strategy.
“The impact of FDI is reflected in every facet of the Irish economy from our employment numbers to our enterprise base, integrated supply chains and the development of critical infrastructure.
“We are now ready to rise to the challenges of today. Our new strategy recognises the scope and scale of our clients’ activities, their transformational journeys, as well as the complexities of the global landscape in which IDA Ireland and our clients now operate. It identifies Ireland’s areas of strength and the opportunities for continued FDI growth.
“It is now absolutely crucial that we build on the solid foundation we have laid and focus on continued partnerships with the strong FDI base in every region in Ireland, to drive sustainable growth through capital investment, innovation and talent development that will strengthen, maintain and deepen our position as a location of choice for continued foreign direct investment,” Lohan said.
“Our new strategy is designed to keep the FDI pipeline strong but also to recognise the importance of holding on to what we have,” added IDA Ireland chair Feargal O’Rourke. “FDI companies in Ireland tell us of their need to constantly show relevance back at corporate HQ whether it is upskilling their employees with digital and AI skills, having a sustainable operation, or maximising their effectiveness and efficiency.
“Our role is to help our client companies in these areas and our strategy will underpin this. If we can lead, and play our part in delivering on our strategy, it will have a positive societal and economic impact for Ireland. While today marks the launch of our strategy, it also represents an opportunity for Ireland to recommit to a strong FDI strategy and to, in a sense, ‘renew our vows’ to make Ireland the best, most sustainable and most welcoming country in the world for FDI.”
The new strategy was welcomed by the Minister for Enterprise, Tourism & Employment Peter Burke, TD. “In a world of uncertainty, companies can be certain that Ireland remains determined to remain a leading location in which to grow, innovate and succeed.
“Through decades-long partnership across the public and private sector, Ireland has won investment and built up an FDI base in high value, cutting edge services and manufacturing sectors. Protecting this existing base, positioning it for further success and securing the next generation of investment is of critical importance. This strategy will ensure IDA adapts to a changed global landscape to achieve these ambitious objectives.”
Main image at top: IDA Ireland chair Feargal O’Rourke; Michael Lohan, CEO, IDA Ireland; Mary Buckley, Executive Director, IDA Ireland; and Minister for Enterprise, Tourism & Employment Peter Burke, TD
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