31 Mar 2014

IDA aims to lure 80 new firms here this year

Filed under: Business News

The IDA expects to attract 80 new multinational firms to Ireland this year and is targeting the creation of 6,000 jobs, according to the outgoing head of the agency, Barry O’Leary

Mr O’Leary, who is due to step down from the organisation in the coming months, also said that the IDA has an additional target of 80 “new investments” from multinational firms already here. He said that the agency will continue to have an emphasis on tech firms.

“We hope to get 160 new investments, of which between 70 and 80 will be companies that are new to Ireland,” he said. “We also hope to get around 80 new investments from companies already operating here.”

The combined projects will hope to yield at least 6,000 “net” jobs and up to 13,000 “gross” new jobs overall.

A further jobs announcement from an internet technology firm is expected to be announced later this week.

The news comes amid signs that overseas technology firms are clamouring to come to Ireland.

A recent survey by AIB and Amarach Research of Ireland’s 27 technology ‘accelerator’ funds revealed that the one in five applications now comes from overseas start-up firms.

Last month, the head of the Irish engineering facility of online travel website Tripadvisor said that US technology firms increasingly look to Ireland as a “natural” base in which to set up an international headquarters.

“Dublin has the best combination of business-friendly practices and top talent,” Lars Holzman, Dublin site manager for Tripadvisor told the Irish Independent.

“We’ve done a lot of research as to where we can expand and Ireland is clearly the best place in Europe. There’s no friction when it comes to bringing other people here from the rest of Europe. Lots of engineers in the US also quite like the idea of coming to work in Dublin. We looked at London, but it just doesn’t have the hiring climate that we’ve found here.”

The IDA was recently given the green light to hire 35 new people to work on attracting new companies to Ireland. The staff, to be based primarily overseas, are also expected to target relatively untapped industrial areas, such as oil, gas and the emerging “internet of things”.

Last week, Intel revealed that it had invested €3.6bn in upgrading its Irish facility in Leixlip over the past three years. The company’s country manager, Eamon Sinnott, told the Irish Independent that the manufacturing facility was in a “prime position” to win new investment from the chipmaker if it decides to go ahead with a new manufacturing plant somewhere in the world.

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