• Ireland secured 234 investment wins in 2024, delivering record level of R&D investment as IDA clients commit €1.9bn across 64 investments

• 2024 investments projected to create 13,500 jobs over coming years

• Ireland’s transformative FDI base demonstrates continued resilience, stability and maturity employing 302,566 people c. 11% of national employment

• Strong balanced regional development throughout 2024 with 59% of FDI investments in locations outside of Dublin

• 69 green field or first-time investments, highlighting Ireland’s continued attractiveness for new enterprises and activities

20^th December 2024, Bengaluru – IDA Ireland today announced its annual performance for 2024 showing continued strong levels of investment and employment across the FDI sector. The agency, working on behalf of the Irish government, has successfully delivered regional investment and substantial transformative projects in the areas of research and development, innovation, sustainability, and talent development.

IDA Ireland, which has responsibility for attracting and retaining foreign direct investment into Ireland, continued to secure significant investments of scale and employment opportunities, reporting a total number of 234 investments which will lead to the creation of 13,500 jobs over the next few years.

Of these investments, 59% were in regional locations outside of Dublin in keeping with IDA Ireland’s strategic aim of balanced regional development. This is an increase in regional investments from 53% last year. 69 investments were from new name or first-time investors, strongly indicating Ireland’s ongoing attractiveness as an FDI location. These included cutting edge companies such as Calypso AI, Evernorth, Sirius XM, and UKG.

Almost half of all investments in 2024 were underpinned by innovation, digitalisation, and sustainability focused on decarbonisation, developing advanced cutting-edge technologies, and driving talent and skills development.

A record level of R&D investment valued at €1.9bn across 64 projects was approved by IDA Ireland during the year, affirming Ireland’s reputation as a location for the development of innovative technologies, global business services, and products.

IDA Ireland actively partners with FDI client companies to help them deliver on their sustainability and skills agendas. This has enabled our clients to commit capital investment of €117m towards sustainability investments and a further €118m in the training and upskilling of their workforce.

Investments by IDA Ireland client companies consistently generate highly skilled jobs nationwide, evidenced by the 302,566 people directly employed this year by over 1,800 companies. This number sees employment levels within the FDI sector remain above 300,000 for the third consecutive year, demonstrating a solidified employment base that strategically positions the economy for future growth.  This represents a slight increase (0.2%) in client employment and accounts for 10.8% of overall national employment. Job growth was recorded in Modern Manufacturing and Traditional Manufacturing, up 0.8% and 0.4% respectively.  Business, Financial and Other Services also reported an increase (1.7%) whilst ICT saw numbers decline (1.2%).  This reinforces the critical importance of continued diversification across new and emerging sectors to drive sustained future growth.

In the face of ongoing global competition and a changing trade and investment landscape, Ireland has a strong platform for growth as reflected in the latest ABSEI [1] results. Expenditure within the economy by FDI companies increased by 6.5% to €38.6Bn during 2023 showcasing the resilience and adaptability of our economic framework. Payroll rose by 7.6% to €23.9bn; spending on Irish services and materials grew by 4.7% to €14.6bn and total exports of €421bn marked a 7.3% increase year-on-year. In addition, capital expenditure of €13.2bn, represented the second highest level on record reflecting strong levels of investment activity.  In tandem, in-house R&D investment by IDA Ireland clients during 2023 reached €9bn, marking an increase of more than 26% on the previous year.  These figures speak to the significant contributions of FDI companies to the Irish economy and to the conducive environment for further growth and investment. Ireland cannot afford to be complacent about FDI. It is essential that we ensure an environment that not only attracts but retains and grows investment, especially in an intensely competitive global landscape.

As IDA Ireland prepares to launch its new five year strategy in 2025, the agency has delivered exceptional performance against targets set out in its last strategy, “Driving Recovery & Sustainable Growth”.  IDA’s new strategy will continue to prioritise growth and transformation through innovation, digitalisation, talent development, and sustainability across our existing key strategic sectors to build on Ireland’s FDI success to date. Fundamental to driving this continued growth and success is a focus on competitiveness, agile policies, and delivery of national infrastructure.

Peter Burke Minister for Enterprise, Trade and Employment said, “Despite many challenging global issues such as the impacts of Brexit, the Covid-19 pandemic and the war in Ukraine, Ireland continues to be seen as a location of choice for new investors as well as long-established companies who choose to further invest in substantial expansions of their operations here. Ireland offers a competitive, consistent, and transparent corporate tax regime, good access and connectivity and an excellent return on investment, as well as being an attractive environment where people want to live and work.

Competition for FDI remains intense. Every job created in Ireland by an FDI company has been hard won, against competition from a growing number of sophisticated locations and economies.

Tanaz Buhariwalla, India Director, IDA Ireland, said, “2024 has been a positive year overall, with IDA Ireland India team deepening its engagement with innovative Indian companies and strengthening relationships across key sectors. We go into the New Year with a strong pipeline of companies across varied sectors. While pharmaceuticals, IT and ITES remain core areas of focus, we are witnessing exciting opportunities in innovative sectors such as Fintech and Medtech. For most companies, across sectors, Ireland continues to be a preferred destination for investment and expansion. Ireland’s pro-business environment and a thriving business ecosystem with a rich cluster of companies provide an ideal platform for companies looking to expand into Europe.”

Ireland’s pro-business environment and a thriving business ecosystem with a rich cluster of companies provide an ideal platform for companies looking to expand into Europe.

Yet in 2024, Ireland ranked fourth place among 67 economies measured for their global competitiveness in the 2024 IMD World Competitiveness Ranking. This is the second consecutive year Ireland has been placed in the top five economies globally.

For decades, Ireland’s talent base has made the country a prime destination for many of the world’s top companies. Today, around 55% of people aged 25 to 34 in Ireland hold a third-level degree compared to a 40% EU average. In addition to our highly educated and skilled workforce, Ireland offers access to a 250 million strong EU workforce. This is reflected in the strong job creation results reported to me by our enterprise agencies, including from highly mobile FDI.

There are, nonetheless, domestic challenges that we must address as highlighted during the September Competitiveness Summit chaired by Taoiseach Simon Harris in which I participated along with the Minister for Finance.

In recognition of the increasing competition internationally for FDI, IDA Ireland will receive an additional €15.5 million in capital funding next year. IDA Ireland will target significant FDI investment in 2025, with a focus on RD&I, Sustainability and Digitalisation. The additional funding will also help IDA to strengthen its team and deliver enterprise-focused property solutions across the country reflecting the Government’s commitment to Regional Development.”

Michael Lohan, CEO, IDA Ireland said: “The stability in employment levels by FDI clients highlights the sector’s resilience and consistent growth, ensuring job security and economic impact.  It is testament to our strategic focus and dedication that have enabled us to maintain steady progress and to positively impact the broader economy.  An unwavering commitment to excellence and adaptability within our sector has fortified our position, allowing us to navigate and continue to thrive amidst global uncertainties and increased international competition for investment.

Furthermore, the significant level of capital investments into Ireland in the past twelve months from FDI crucially inject substantial capital into the country, stimulating growth and leading to the creation of highly skilled employment opportunities across the country.  Such investments signal strong confidence in Ireland’s economic environment, underpinning a positive business climate and emphasising the nation’s attractiveness as a prime location for global investment. Not only do these investments catalyse immediate economic benefits, but they also pave the way for sustained long-term growth and development. I want to acknowledge the contribution and commitment of our many stakeholders and partners in working with IDA Ireland to position Ireland as the premier location for FDI.

Deepening our engagement with existing and new clients remains to the fore of our priorities.  By strengthening our relationships and understanding clients’ evolving needs, we are better equipped to deliver tailored solutions that drive mutual success across transformative areas of RD&I, sustainability, digitalisation, and talent development. This client-centric approach enhances IDA’s ability to support FDI companies in Ireland as they innovate, adapt, and grow here, against an increasingly competitive global market.  It allows us to reinforce our commitment to excellence and long-term partnership and positions us for sustained growth into the future.”

Feargal O’Rourke, Chairperson, IDA Ireland said, “On behalf of the Board, I’d like to thank and pay tribute to CEO Michael Lohan and the entire organisation for their role in delivering these excellent results for 2024 in a turbulent and fast moving landscape. The Board and the executive have worked well together over the last 12 months in formulating a new five year strategy for the organisation set to be launched early next year, which will focus on building opportunities for growth for Ireland in a highly competitive environment for FDI.”

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In line with this performance, the first six months of this year saw IDA Ireland support 131 investments, 74 of which were planned for regional locations, enabling the future delivery of 8,900 jobs to the economy against an increasingly challenging global operating environment.

New investments secured by the inward investment agency since January included Pentagon Technologies whose state-of-the-art facility in Dundalk will create 100 jobs; automotive fleet manager, Element Fleet Management that set up a global leasing centre in Dublin creating 70 jobs; Evernorth Health Services which located a new innovation hub in Galway that will create 100 jobs; and Motorola Solutions, who announced its new global R&D Centre in Cork with plans to recruit 200 highly skilled staff to design technologies vital to the company’s global footprint of customers.

In addition to companies newly investing in Ireland this year, IDA Ireland also announced a number of significant, transformative investments of scale from existing clients, such as IBM Ireland’s announcement in May that it would create 800 high-value roles across its sites in Dublin, Cork and at its subsidiary Red Hat in Waterford; and Bristol Myers Squibb’s $400m investment which will create 350 jobs, bringing the total number employed at its campus in Dublin to over 1,000 people.

In its Annual Report 2023, IDA Ireland called out the imperative of safeguarding the competitiveness of its client base, and that of the country, as the global FDI landscape became increasingly challenging and complex. Ireland needed to remain agile as it evolved and adapted to emerging sectors and a more dynamic and highly competitive global landscape. The agency was committed to continuing to work with stakeholders to ensure ongoing investment and development in areas such as talent, infrastructure, and energy supply which were central to the country’s competitiveness and critical to continued FDI success in Ireland.

Peter Burke, Minister for Enterprise, Trade & Employment said: “Ireland continues to be recognised as a highly stable and attractive location for global investment. Our country has a reputation for being agile, with an economy underpinned by a dynamic ecosystem of global companies, indigenous enterprise and academia working in collaboration. Government remains committed to ensuring the right polices are in place to facilitate the development of appropriate skills, infrastructure, and innovation to facilitate strong levels of FDI into the future.”

Tanaz Buhariwalla, India Director, IDA Ireland said: “We are thrilled to share IDA Ireland’s strong mid-year results, highlighting Ireland’s continued appeal as a destination for strategic, capital-intensive, and innovative investments. Over the past six months, Ireland has attracted significant investments, underlining its position as a prime location for major projects. India’s dynamic digitization and thriving life sciences companies are increasingly recognizing Ireland as an ideal base for expanding their European operations. This healthy performance is particularly noteworthy given the challenging global economic climate and stagnant FDI flows into Europe. Ireland remains steadfast in its commitment to enhancing capacity, nurturing talent, and managing costs to maintain its competitiveness and resilience. We are dedicated to reinforcing the strength of Ireland’s investment proposition and assisting Indian companies looking to set up in Ireland.”

Michael Lohan, CEO IDA Ireland said: “Ireland’s proposition as a location for FDI investment remains strong.  Against the backdrop of an intensely competitive global environment and the proliferation of industrial policies, it is imperative that IDA Ireland continues to attract and win new investments whilst at the same time continuing to support existing clients in their investment endeavours across the twin transition of sustainability and digitalisation.”

“Ireland has a track record of being nimble, demonstrating a level of agility that will be key to ensuring future success. IDA Ireland is partnering with our clients on delivering competitiveness-enhancing, transformative investments concentrating on R&D, digitalisation, sustainability and talent development to ensure the FDI pipeline remains robust.”

“I am very pleased to have welcomed several investments of significant scale in these areas so far this year that will deliver real and far-reaching impact to the economy. I am confident we will see more of these types of investments in the coming years. As we formulate the new IDA Ireland strategy for 2025 and beyond, we are committed to working with our stakeholders in furthering Ireland’s value proposition for enterprise development.”

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