IDA reveals continuous investments, in spite of Covid-19 pandemic

Tuesday, January 12
Ciarán Mather

The Industrial Development Authority (IDA) of Ireland has today reported that there was continued investment from various businesses, in 2020 despite the COVID-19 global pandemic.

According to recent reports, the investment service revealed that 246 new investments were won in 2020, while 20,123 new jobs were created. 

95 investments originated from new investors while 151 investments came from existing companies.

The Tánaiste & Minister for Enterprise, Trade & Employment. Leo Varadkar, said about the news: 'Despite a year of unprecedented challenges to our economy, these results show that foreign direct investment has been remarkably resilient.' 

'We still saw a net increase in FDI jobs of nearly 9,000 in 2020. This is a testament to the attractiveness of Ireland as a destination for companies seeking to invest,' he added.

In addition, the CEO of IDA Ireland, Martin Shanahan, also commented on the positive development: 'In the context of the COVID-19 global pandemic, FDI’s performance is remarkable.'  

'It is encouraging that Ireland has been able to secure such a significant number (246) of investments and grow employment in 2020, a year of unprecedented disruption to global business and adverse impact on global economies.'

He added that towards the end of 2022, the organisation will assess progress and make any adjustments necessary to respond to changes in both the global or national environment. 

Total employment in IDA Ireland client companies in the country now stands at 257,394, accounting directly for 12.4 per cent of COVID-adjusted national employment.

This is a marked increase from 10.7 per cent in 2019 as a result of the severe impact of the pandemic on certain domestic facing sectors.