IDA Ireland, the Irish government’s inward investment promotion and development agency, has reported a record-breaking year for FDI employment, with significantly higher levels of FDI in 2021 compared to 2020, and robust gains in both gross and net employment. Total employment in IDA client firms in Ireland is currently 275,384, an increase of 16,826 from 2020. As many as 104 of the 249 investments acquired in 2021 were new name investments, a better-than-expected performance, given the ongoing constraints due to the pandemic.
Job losses remained quite modest in comparison to the size of the overall portfolio, resulting in extremely significant net employment growth this year — a net rise of 16,826.
Regional growth was particularly buoyant, with 133 of the 249 projects awarded moving to regional locations, and employment growth was recorded in every region of the nation. The property program of IDA Ireland contributed to the high rise in regional investment. This year’s results indicate a good start to IDA’s new 2021-2024 strategy, driving recovery and sustainable growth, which seeks to further enhance FDI’s place at the center of a resilient, sustainable, and inclusive Irish economy.
Minister for Enterprise, Trade, and Employment Leo Varadkar TD said, “There are now more people employed in our multinational sector than ever before – 275,384. This demonstrates the strength of our economy and the fortitude of our people. Achieving over a decade of consistent FDI growth is a huge accomplishment, given the challenges our country faced during that time — recessions, Brexit, and the pandemic among others.”
“Ireland’s performance in attracting FDI to achieve these record results is testament to the work of the Agency’s teams in Ireland and around the world, to the success of the client companies that we partner with, on a daily basis, and to the support of the government,” pointed out Martin Shanahan, CEO IDA Ireland.
Tanaz Buhariwalla, India Director, IDA Ireland, said, “Despite the ongoing Covid-19 disruptions, a number of Indian technology startups and large IT companies continued to invest in and expand their footprint in Ireland. The outcomes of 2021 have once again demonstrated Ireland’s attractiveness as a location to manage EU operations from, resilience, as well as the government’s commitment and consistency in maintaining and promoting a pro-business environment.”
