Ireland’s multinational sector continues to grow, as figures released this week show the numbers employed in foreign direct investment companies have reached an all-time high.

The figures, released by IDA Ireland, the Government agency responsible for attracting Foreign Direct Investment (FDI) show there are currently 245,096 people directly employed in overseas companies in the country out of a total labour force of 2.3 million.

IDA issued the update as it marked the end of its Winning – Foreign Direct Investment 2015-2019 strategy.

According to the agency it has achieved all targets set out in the 5-year plan.

1,209 investments were won over the course of the strategy, creating 112,373 jobs, making it the most successful period for FDI in Ireland to date.

Despite the positive news, IDA CEO Martin Shanahan warned of the need not to become complacent.

He said, ‘As we finalise our strategy for the period 2020-2024, which will be launched soon, we observe significant downside risk in the marketplace over the next five-year period. Those risks emanate from the possibility of an economic correction in key source markets, continued trade tensions, subdued global economic growth, and from domestic challenges related to competitiveness and the carrying capacity of the economy.’

He referenced Ireland’s position in Europe as key to its FDI success but warned the country needed to remain competitive in order to maintain it.

He said, ‘Our value proposition continues to be strong, we are well positioned as a gateway location to Europe and are committed members of the EU. We are business friendly and supportive. Talent continues to be an important asset. Being competitive is more important than ever for our client companies to continue to grow and develop, and as Ireland expands its footprint across the globe, seeking out new markets to win investment.’

With Brexit due to be completed on January 31^st, the IDA maintains that post Brexit, Ireland’s economic and political stability, along with a continued commitment to the EU, will be a core part of Ireland’s value proposition to foreign investors.

In a statement the agency said, ‘Dublin remains the most popular choice for financial services firms to relocate post-Brexit according to EY’s most recent Financial Services Brexit Tracker, with 28 firms having committed to relocating staff or operations to the Irish capital since the Brexit referendum. Dublin is closely followed by Frankfurt (21), Luxembourg (19) and Paris (18).’

(Image by Infomatique via creativecommons.org)