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The organisation’s new strategy focuses on key areas for Ireland, including AI, semiconductors, health and sustainability.
IDA Ireland has unveiled its new five-year strategy, which includes plans to secure 1,000 new investments that will deliver €250bn to the Irish economy.
The plans also aim to support the creation of 75,000 new jobs across “priority sectors of growth and opportunity”. The organisation also plans to upskill 40,000 people.
While considering challenges around increased competition, geopolitical uncertainty and a rapidly changing tech landscape, IDA had identified Ireland’s main growth sectors as digitalisation and AI, semiconductors, health and sustainability.
Ireland already has a strong track record in the semiconductor space, having established itself as a key location for investment and talent. It’s also home to many of the world’s leading life sciences companies.
For sustainability, IDA said there are direct and indirect opportunities associated with Ireland’s renewable energy potential, particularly offshore wind. Meanwhile, it said the country’s existing enterprise base provides a strong platform to build Ireland’s digital and AI capabilities.
These core areas will lead to a range of connected opportunities across life sciences, financial services, high-value manufacturing, engineering and technology.
Minister for Enterprise, Tourism and Employment Peter Burke, TD, said Ireland remains committed to foreign direct investment (FDI) as one of the key components of its economy.
“We have proven adept in the past at anticipating and responding to shifts in the global landscape, realising growth opportunities as sectors evolved and new technologies emerged,” he said.
“In a period of marked global change and uncertainty, this strategy will direct the focus of IDA Ireland as it partners with client companies to enhance the resilience, productivity and innovation of Ireland’s FDI base.”
1,000 new investments
In order to create the 75,000 new jobs, IDA Ireland aims to win 1,000 investments in the next five years, which it said will deliver €250bn to the Irish economy, with 550 of these investments going to regional areas of the country.
The strategy also includes increasing investment in research, development and innovation (RD&I) to €7bn to “position Ireland at the centre of cutting-edge global technological innovation” while ensuring it retains and renews the 1,800 client companies already based in Ireland.
Feargal O’Rourke, IDA Ireland chair, said the strategy recognises the importance of “holding on to what we have”.
“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,” he said. “Our role is to help our client companies in these areas and our strategy will underpin this.”
Michael Lohan, CEO IDA Ireland, said the impact of FDI is reflected in “every facet of the Irish economy”, from the employment levels to its enterprise base. “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.”
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