“Ireland continues to attract key high quality international investment”

Minister for Enterprise, Trade & Employment Micheál Martin TD today (3 January, 2006) welcomed the IDA end of year statement. “ In an increasingly competitive world, the Irish economy has managed to compete remarkably strongly in the global marketplace. Ireland is continuing to outperform its European counterparts in terms of economic growth and development; the recent CSO projections for future economic growth indicate that this growth is showing little sign of slowing down in the near future. Government policy and IDA Ireland’s strategy over the last few years has been focused on Ireland’s evolution to a knowledge-based economy with the goal of attracting the most sophisticated and strategically important core corporate activities such as R&D

Minister Martin welcomed the fact that the Government’s drive for regional balance and pushing for a wide geographic spread of investment is clearly working. “In 2005, 46 of the total of 71 investments located outside Dublin, Multinational companies made regional locations their preference. World leaders like Bisys, Toucan, AXA Assistance SA are choosing regional locations such as Waterford, Sligo and Athlone to establish and expand key elements of their operations

A further key statistic is growth in employment in manufacturing, which increased by over 1,500, confirming the continuing importance of manufacturing in Ireland. The 5% increase in employment in the sector since 1995 is underpinned by our growth in productivity. The overall net increase of 4,296 permanent jobs in IDA-backed companies highlights Ireland’s position as a location of choice across all sectors from IT, financial services, pharmaceuticals and biotechnology. The calibre and quality of the jobs being created is critical, over half all jobs created require third level qualifications and almost 40% of all new jobs in IDA-backed projects now earn in excess of €37,000 per annum. Ireland is now competing for and winning world-class R & D investments. Our young highly skilled and highly educated workforce is a key component in attracting key investment. Our Universities and IT’s are providing a key regional spread of graduates and post-graduates, providing a accessible pool of world class employees for multi national investors. The Government will continue its policy to develop and promote a strong culture of academic and industry collaboration”.

ENDS

ETE 1488