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Irish Jobs Plan Targets FDI Growth

by Jason Gorringe, Tax-News.com, London

02 February 2017


The Irish Government's 2017 Action Plan for Jobs contains a strong focus on Brexit and maintaining foreign investment.

The Government is targeting the creation of 45,000 new jobs this year.

The Action Plan sets out the Government's response to Brexit, reiterating its steadfast commitment to the EU. The Government said Ireland will continue to benefit from its EU membership in terms of trade and investment, and that the country will be prepared for whatever new trading relationship the UK has with the EU and Ireland.

In his foreword to the Action Plan, Prime Minister Enda Kenny said that the Government will bring forward a new trade and investment strategy, which will be supported by an extensive program of minister-led trade missions.

Among the initiatives set out in the Action Plan is the allocation of an additional EUR3m (USD3.2m) in funding to Enterprise Ireland and IDA Ireland, Ireland's inward investment agency, to enable them to recruit new staff. It will also aim to raise awareness of new enterprise opportunities arising from the EU's international trade and investment agreements.

IDA Ireland is targeting a 40 percent increase in foreign direct investment by 2019. It is also aiming for 7,000 net new jobs and 180 new investments in 2017. Enterprise Ireland hopes to deliver 60,000 new jobs and increase exports to EUR26bn by 2020.

The Action Plan stated: "IDA Ireland will pursue any potential new mobile investment resulting from Brexit. To attract such additional foreign direct investment, IDA will ensure potential investors fully understand our commitment to the EU and the benefits of locating in Ireland."

"These benefits include, in addition to our continued membership of the Eurozone and single market, our talented workforce, out pro-enterprise policy environment, and our track record as a home to multinational companies."

TAGS: tax | investment | Ireland | foreign direct investment (FDI) | United Kingdom | agreements | trade | European Union (EU) | Europe

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