Minister Martin - Ireland continues to punch above its weight when it comes to attracting overseas investment

“Ireland performed strongly in 2006 in what is an increasingly challenging global economy” said Micheál Martin TD, Minister for Enterprise, Trade and Employment, in response to the publication today of the IDA Annual Report for 2006.

Minister Martin noted that:

• During 2006 IDA Ireland successfully marketed Ireland as a location for 71 new investments involving a total investment of over €2.6 billion over the coming years
• The Agency also negotiated 54 R & D projects involving a total investment of almost €470 million
• Six out of every ten new investments took place outside Dublin and six out of every seven R & D investments took place outside Dublin
• Employment in IDA supported companies in creased from 131,692 at the end of 2005 to 135, 487 at the end of 2006

Minister Martin went on to say that “the competitive environment in which global companies operate is constantly evolving. While these changes have lead to some transfer of lower value activities out of Ireland, many overseas companies have also greatly expanded their operations. Companies are continuing to choose Ireland as a base from which they can oversee their operations in Europe, the Middle East and Africa. These activities not only further enhance the activities of foreign companies located in Ireland, they also have important knock-on benefits in other sectors in our economy such as supply, distribution and transport and create further investment/employment opportunities in the services sector.”

The Minister concluded by praising the work of Sean Dorgan, the outgoing CEO of IDA Ireland who is due to step down later in the year. “His leadership and vision has been vital to Ireland’s continuing success in attracting new investments from global companies.”

ENDS/ETE 1757