IDA Ireland Releases End of Year Statement

by Philip Morton, Investors Offshore.com

07 January 2008

IDA Ireland CEO, Barry O’ Leary has announced his confidence in Ireland's ability to win new investment opportunities in 2008. The announcement was made at the launch this week of the IDA Ireland End of Year Statement for 2007.

Mr. O’ Leary suggested that: “Ireland is very well positioned to win further leading Foreign Direct Investment (FDI) in 2008”.

He further commented:

“The excellent investment achievements accomplished in 2007 in conjunction with a cohesive national strategy of collaboration among all stakeholders, continue the economic transformation of Ireland into a leading 21st century knowledge economy and so I am confident we can look forward to securing new projects, investments, R&D operations and some broader research collaborations for Ireland again in 2008.”

"Based on a healthy pipeline of prospective new projects, IDA has a sense of optimism and confidence that Ireland is well placed to secure significant investment during 2008, from key target sectors such as Pharmaceuticals, Biopharmaceuticals, Medical Technologies, International Services, Information and Communications Technology (ICT), Financial Services and Digital Media."

“Proof of our national evolution as a significant 21st century knowledge economy is evidenced in the sophistication and complexity of the investments secured from leading corporations into Ireland and reflect our positive standing and the advancements in Ireland’s economic ecosystem”, O’Leary added, going on to suggest that:

“Investments such as Microsoft’s EUR360m EMEA Data Centre in Dublin, Merck Sharpe Dohme’s EUR200m new strategic vaccine operations in Carlow, a new pharmaceutical development centre by Wyeth Medica in Newbridge, a global research, development and innovation centre for Merrill Lynch and an additional EUR75m investment by Baxter in its two facilities in Mayo all bear testament to this fact.”

According to the body, IDA supported companies paid EUR3bn in Corporate Tax in 2007, accounting for 47% of the total corporate tax take of around EUR6.7bn.

They also accounted for approximately 85% of manufacturing company’s exports, and spent EUR15.87bn in direct expenditure within the economy, comprised of EUR6.74bn on Payroll, EUR5.71bn on services and EUR3.42bn is on materials from Irish sources.

Recommended