Tánaiste Launches New Foreign Investment Plan For Ireland

Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan, T.D., has launched 'Horizon 2020', IDA Ireland's strategic blueprint for attracting Foreign Direct Investment (FDI) into Ireland in the coming decade.

She said this initiative is an integral part of the Government's Smart Economy policy noting that, "Within the Irish economy, foreign direct investment has been, and will continue to be, a catalyst for our national prosperity. FDI companies create hundreds of thousands of high-quality jobs, both for the employees of the investing companies and in the firms, including indigenous firms, that provide them with goods and services.

"Securing such investments can also play a pivotal role in rejuvenating part of a city, a town or region where employment opportunities are limited."

The Tánaiste said that the continued attraction of sustainable foreign direct investment is critical to ensuring Ireland's economic recovery and that 'Horizon 2020' sets out a compelling argument for the need for ongoing 'transformation' in our approach to secure leading foreign investment in Ireland.

She said that this "transformation" included: within the existing FDI companies located in Ireland; within IDA Ireland itself; in how Ireland markets itself abroad; and in the way all stakeholders collaborate to ensure Ireland secures these investments.

Barry O'Leary CEO, IDA Ireland speaking at the launch said: "Horizon 2020 marks the first time that IDA has published its strategic thinking in this way. This strategy document articulates our view of the next decade's significant future changes. It outlines the results of a detailed analysis of global mega-trends, economic geopolitical changes and technology roadmaps from which we have outlined the goals Ireland needs to set to capitalise on the opportunities that they represent."

He added that, "IDA recognises that the ambitious goals set out in 'Horizon 2020' necessitate a deeper and broader engagement of all stakeholders requiring public and private sector partners working together in new ways to bring this to fruition."

'Horizon 2020' recognises that FDI success is never permanent while acknowledging such challenges create business opportunities.

Companies and countries best able to continuously adapt and renew themselves will harness those opportunities.

Ireland can win new investments that will create thousands of high-quality jobs across the country.

These investments will come from the development of existing client companies, industries and markets.

They will also originate from new types of companies, in new areas and from new markets.

'Horizon 2020' sets out a road-map of what is needed to fuel Ireland's future success with leading global corporations over the coming decade.

Significantly, it also outlines a series of impactful short term goals, including an ambitious target for job creation.