IDA Ireland plans 75,000 new jobs over next five years

Navigating Global Uncertainty: IDA Ireland’s 5-Year Strategy for Growth

IDA Ireland,the state agency responsible for attracting and developing foreign direct investment,faces unprecedented challenges in a rapidly changing global economic landscape. chairman Feargal O’Rourke has characterized the current environment as the “most tumultuous” in his memory, citing geopolitical uncertainty and increased competition for jobs among rising concerns.

A Focus on Retention and expansion

Despite the headwinds, IDA Ireland is entering its five-year strategy with a sense of optimism, emphasizing the need to retain and expand its existing client base of 1,800 companies. This focus on existing investments is crucial in a climate where “geopolitical uncertainty” and the prospect of escalating trade wars fueled by protectionist policies threaten global growth.

“The organisation was facing into 2025 from a ‘position of strength’.”, stated mr O’Rourke.

Investing in Talent and Sustainability

The strategy outlines aspiring goals, aiming to secure 1,000 new investments, attract €250 billion in capital, and create 75,000 new jobs by 2025. This growth will be accompanied by a focus on upskilling 40,000 workers, equipping them with the skills necessary to thrive in a rapidly evolving economy. Furthermore, IDA Ireland has set a target to reduce the carbon footprint of its client companies by 35%, demonstrating a commitment to sustainable economic development.

Responding to Global Competition

IDA Ireland acknowledges the intensifying global competition for investment, notably from the Middle East, where countries are offering ample incentives to lure businesses. To remain competitive, IDA Ireland will need to leverage Ireland’s strengths, including its highly skilled workforce, stable political environment, and attractive tax regime.

Strengthening Trade Ties

Minister for Enterprise peter Burke emphasizes the importance of utilizing St. Patrick’s Day to solidify trade relationships between Ireland and the US, a crucial market for Irish businesses. Navigating potential trade tensions with the Trump administration will be a key challenge, requiring proactive diplomatic engagement and cooperation.

looking Ahead

IDA Ireland’s five-year strategy represents a bold commitment to driving economic growth and securing Ireland’s position as a global hub for investment. In a world marked by uncertainty and volatility, the association’s focus on resilience, innovation, and sustainability offers a roadmap for navigating the challenges ahead and unlocking Ireland’s full economic potential.

What specific measures is IDA Ireland taking to promote enduring business practices among its client companies in light of growing global concerns about climate change?

Navigating Global Uncertainty: A Conversation with IDA Ireland’s Feargal O’Rourke

Adapting to an Evolving Investment Landscape

IDA Ireland, the nation’s premier investment promotion agency, is navigating an unprecedentedly dynamic global economic habitat. In an interview, IDA Ireland’s Chairman, Feargal O’Rourke, discusses their strategic vision for the coming years.

IDA Ireland’s Strategic outlook for 2021-2025

retaining and expanding existing investments

Archyde (A): Given the geopolitical uncertainty and increased competition for investments,what approach is IDA Ireland taking to meet its ambitious targets?

Feargal O’Rourke (FO): we’re entering this strategy period from a position of strength.We have 1,800 companies in our client base, and retaining and expanding these investments is crucial. While we aim to attract 1,000 new investments, €250 billion in capital, and create 75,000 jobs by 2025, our existing base will be a significant driver of growth.

Investing in talent and sustainability

A: How does IDA Ireland plan to stay competitive in a rapidly evolving economy?

FO: We’re investing heavily in talent upskilling. By 2025, we aim to have upskilled 40,000 workers. Additionally, we’re committed to sustainability. By 2025, we want to reduce the carbon footprint of our client companies by 35%. This approach keeps Ireland attractive to both investors and employees.

Competing on a Global Stage

Leveraging Ireland’s strengths

A: How can Ireland differentiate itself in a global investment landscape where countries are offering ample incentives?

FO: ireland’s strengths lie in our highly skilled workforce, stable political environment, and attractive tax regime.We’re also uniquely positioned in Europe for access to both the US and the EU markets. Our strategy is to leverage these strengths effectively.

Strategic trade ties

A: How important is diplomatic engagement in strengthening trade ties, particularly with the US?

FO: It’s crucial. Utilizing events like St. Patrick’s Day to solidify these relationships is a key part of our strategy. We need to be proactive in navigating potential trade tensions and cooperate closely with our partners.

Looking Ahead: Ireland’s economic Future

A: What is your take on Ireland’s economic prospects in the face of global uncertainty?

FO: IDA Ireland’s five-year strategy is about resilience, innovation, and sustainability. Despite challenges, with the right strategy, Ireland can continue to grow and secure its position as a global investment hub.we’re committed to driving this growth and unlocking Ireland’s full economic potential.

A: What would you like to see from Archyde readers to support IDA Ireland’s mission?

FO: We’d welcome everyone’s input and ideas on how we can make Ireland an even more attractive location for foreign direct investment. Please share your thoughts and engage with us in this conversation.