IDA Ireland reports strong annual results for 2023 – increased number of investments, steady levels of employment across FDI sector, robust regional investment and strong performance on client transformation

Performance:

· 248 investments won in 2023 for Ireland – up 2.5%, enabling the creation of almost 19,000 jobs

· Over 1,800 IDA client companies directly employing more than 300,000 in Ireland for the second consecutive year, reflecting mature, stable, resilient FDI sector

· Continued strong regional performance in 2023 – 132 investments outside of Dublin, representing 54% of total investments

· Performance reflects commitment by FDI sector to transformation across research development & innovation, sustainability, digitalisation, & talent development

11 January 2024 – IDA Ireland today reported strong annual results for 2023 showing an increased number of investments, steady levels of employment across the FDI sector, robust regional investment and strong performance across key transformation areas of research development and innovation, sustainability, digitalisation and talent development.

The organisation reported an increase in the number of investments into Ireland during 2023 totalling 248 and which are expected to deliver almost 19,000 jobs to the economy. A third of investments won, 83, were greenfield or first-time investments.

IDA Ireland has over 1,800 client companies within its portfolio employing 300,583 in 2023, holding above 300,000 jobs for the second consecutive year. Accounting for 11.3% of national employment, this represents a slight decrease in client employment of just 0.3%, despite a slowdown in Information and Communications Services (down 2.9%). Job growth was recorded across all other sectors with Modern Manufacturing up 1.8%, Traditional Manufacturing up 0.2% and in Business, Financial and Other Services up 0.8%.

Michael Lohan, CEO IDA Ireland said, With 248 investments won by IDA Ireland this year, the strength of today’s results speaks to the continued attractiveness of Ireland as a location for FDI. The results also reflect an enduring commitment amongst FDI companies, supported by IDA Ireland, who continue to show confidence in Ireland as a location in which to make complex, innovative, and impactful investments at scale.

IDA Ireland continues to work with our client companies to support their drive for competitiveness as they move through the twin transition. Transformation focused on research development and innovation, sustainability, digitalisation and talent development is critical to remaining competitive, reflected in our partnerships and conversations with client companies and our stakeholders.

As we move into 2024, it is important to recognise that we continue to face domestic as well as global challenges. It’s acknowledged that Ireland’s carrying capacity and infrastructural development, particularly in housing and energy supply, needs to be accelerated. Under IDA Ireland’s current strategy, Driving Recovery and Sustainable Growth 2021-2024, our focus remains on winning investment for Ireland and sustained regional development.

Tanaz Buhariwalla, India Director, IDA Ireland said, “In 2023, for IDA Ireland, the dialogue with innovative Indian companies has been wholesome and enriching. Ireland remains steadfast, with an increased number of investments and a steady level of employment. While the focus on Lifesciences and tech companies persist, we aim to actively support companies in their transformation journey, emphasizing sustainability, enhanced automation, and value chain development. Ireland’s pro-business environment is poised to facilitate and encourage companies to expand their operations in Europe and embrace green initiatives. As we move forward, the collaborative spirit between India and Ireland remains positive in terms of innovation and progress, reflecting the commitment to excellence in the global business landscape.”

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