Tag: FDI

IDA Ireland launches new five year strategy Adapt Intelligently: A Strategy for Sustainable Growth and Innovation, 2025-29

IDA Ireland today unveiled its new five-year strategy, Adapt Intelligently: A Strategy for Sustainable Growth and Innovation, 2025-29, building on its previous success in helping to transform the Irish economy. The strategy has been developed from a position of strength evidenced by the significant economic impact delivered to Ireland and the global economy through the investments from IDA Ireland’s client base.

The FDI sector, established and embedded in Ireland, is a national asset which has been transformative for the economy and the people of Ireland, accounting for 11% of total national employment and expenditure of over €38bn in the Irish economy annually. Ireland is viewed internationally as a centre for value and knowledge creation, exporting over €420bn in goods and services globally on an annual basis.

The new strategy, which is aligned with the Programme for Government and the White Paper on Enterprise, sets out IDA Ireland’s ambition for continued growth through four key strategic objectives;

  • Strengthen long term investment
  • Scale cutting-edge innovation
  • Drive sustainable change
  • Maximise regional opportunities

While recognising the challenges ahead for FDI investment including increased competition, geopolitical uncertainty, and rapid technological change, IDA Ireland has identified  four key growth drivers – digitalisation and AI; semiconductors; health; and sustainability –  which will lead to a range of intersecting and connected opportunities across IDA Ireland’s core sectors of focus – Life Sciences, International Financial Services (IFS), High Value Manufacturing, Engineering, and Technology and Content & Consumer Services.

 

STRATEGIC OBJECTIVES

 Strengthen long term investment

IDA Ireland will prioritise retaining and renewing the 1,800 client companies based in Ireland, acknowledging their vital role in the Irish economy. We will partner with them as they aim to enhance their competitiveness and productivity through transformative talent development initiatives and assist them in navigating challenges and seizing opportunities in a changing global economy.

Scale cutting-edge innovation

Ireland’s FDI base has helped position the country as a central hub for global technological innovation. The new strategy aims to build on the existing innovation ecosystem, enhance pan-European and global innovation linkages, and increase the scale and impact of innovation by supporting next-generation and collaborative research, development, and innovation (RD&I).

Drive sustainable change

IDA Ireland client companies are instrumental in shaping a green and digital global economy. Ireland has the potential to be a prime location for green-powered and digitally enabled enterprises. IDA Ireland will collaborate with clients to enhance their digital maturity and sustainability, while attracting a new wave of green and digitally enabled investments.

Maximise regional opportunities

Maintaining the strength of Dublin as a key global hub remains a strategic priority. The significance of our capital city enables the attractiveness of Ireland and supports our ambition for balanced regional development. IDA Ireland client companies employ over 165,000 people in regional locations across Ireland, benefiting from the local ecosystem, infrastructure, and talent to drive investments. The regional strategy has proven to be successful, and IDA Ireland is committed to further enhancing regional opportunities for clients by providing next-generation sites and building solutions.

 

TARGETS

In pursuit of these objectives, IDA Ireland will win 1,000 investments to:

  • Secure €7bn in new RD&I investment
  • Deliver 550 regional investments
  • Reduce IDA Ireland client carbon emissions by 35%
  • Create 75,000 jobs
  • Upskill 40,000 people

In turn, this will support IDA Ireland client spending in Ireland of €250bn over the lifetime of the strategy on wages, Irish goods and services, and capital investment, providing further opportunity and economic impact across local supply chains. By 2030, the strategy aims for a more competitive, innovative and sustainable FDI environment in Ireland. The ambitious plan underscores Ireland’s commitment to fostering a resilient economy, adapting intelligently, and seizing new growth opportunities in an era of change and evolvement.

Minister Peter Burke, Minister for Enterprise Tourism & Employment said: “I very much welcome the publication of IDA Ireland’s new strategy today and recognise the importance of ensuring we work together to protect FDI’s position as a cornerstone of Irish economic success.  Ireland remains committed to foreign direct investment (FDI) as one of the key components of the Irish economy. We have proven adept in the past at anticipating and responding to shifts in the global landscape, realising growth opportunities as sectors evolved and new technologies emerged. In a period of marked global change and uncertainty, this strategy will direct the focus of IDA Ireland as it partners with client companies to enhance the resilience, productivity, and innovation of Ireland’s FDI base.

In a world of uncertainty, companies can be certain that Ireland remains determined to remain a leading location in which to grow, innovate and succeed. Through decades-long partnership across the public and private sector, Ireland has won investment and built up an FDI base in high value, cutting edge services and manufacturing sectors. Protecting this existing base, positioning it for further success and securing the next generation of investment is of critical importance. This strategy will ensure IDA adapts to a changed global landscape to achieve these ambitious objectives.”

Feargal O’Rourke, Chairman IDA Ireland said: “Our new strategy is designed to keep the FDI pipeline strong but also to recognise the importance of holding on to what we have. FDI companies in Ireland tell us of their need to constantly show relevance back at corporate HQ whether it is upskilling their employees with digital and AI skills, having a sustainable operation, or maximising their effectiveness and efficiency. Our role is to help our client companies in these areas and our strategy will underpin this. If we can lead, and play our part in delivering on our strategy, it will have a positive societal and economic impact for Ireland. While today marks the launch of our strategy, it also represents an opportunity for Ireland to recommit to a strong FDI strategy and to, in a sense, “renew our vows” to make Ireland the best, most sustainable and most welcoming country in the world for FDI.”

Michael Lohan, CEO IDA Ireland said, “Innovation, competitiveness, resilience and ambition are at the core of our new strategy that is designed to further propel FDI in Ireland. I am extremely proud of the performance by the IDA team who, in partnership with our 1,800 clients and stakeholders, have achieved exceptional results against the objectives set out in our previous strategy. The impact of FDI is reflected in every facet of the Irish economy from our employment numbers to our enterprise base, integrated supply chains and the development of critical infrastructure.

We are now ready to rise to the challenges of today.  Our new strategy recognises the scope and scale of our clients’ activities, their transformational journeys, as well as the complexities of the global landscape in which IDA Ireland and our clients now operate. It identifies Ireland’s areas of strength and the opportunities for continued FDI growth. It is now absolutely crucial that we build on the solid foundation we have laid and focus on continued partnerships with the strong FDI base in every region in Ireland, to drive sustainable growth through capital investment, innovation and talent development that will strengthen, maintain and deepen our position as a location of choice for continued foreign direct investment.

Download Adapt Intelligently: A Strategy for Sustainable Growth and Innovation here

Cyber Ireland unveils ambitious roadmap to drive Cyber Security sector growth by 2030

Cyber Ireland, the leading national cyber security cluster organisation, has today launched a comprehensive strategy aimed at driving the growth of Ireland’s cyber security sector by 2030. With a proven track record since its establishment in 2019, Cyber Ireland has evolved into a national representative body, uniting over 160 member organisations, including start-ups, SMEs, multinational corporations, and educational institutions.

Originally conceived to address cyber security skills shortage as an initiative at Munster Technological University, Cyber Ireland has grown into a recognised industry force, hosting activities across four strategic workstreams and also responsible for organising the annual Cyber Ireland National Conference (CINC), the premier cyber security conference which attracts leading cyber security experts from across Ireland and the globe.

According to the State of the Cyber Security Sector 2022 report the cyber security sector in Ireland employs over 7,300 professionals working across nearly 500 companies contributing €1.1 billion annually to the economy. Ireland requires a strong domestic cyber security sector with companies of scale that can deliver high value services to provide cyber resilience for the country and compete internationally. This can build on existing strengths as the island of Ireland grows into an international hub in Europe for cyber security multinational operations and further increase FDI in cybersecurity.

There has been strong demand for cyber security skills over the past four years with a trebling of job roles advertised between 2019 and 2022, from 2,000 jobs advertised to 6,700 open roles. On a growth trajectory of 10%, the sector anticipates the creation of 10,000 additional jobs by 2030, totalling 17,000 in the sector, contributing €2.5 billion per annum to the economy. How this demand is met given the existing skills shortages and skills gaps will be central in making Ireland a leader for cyber security talent globally.

Pat Larkin, Chairperson of Cyber Ireland and President, Ekco Security, said, “There is an incredible opportunity in front of us. Analysts quantify the current Cyber Security market opportunity in or around 200-250BN USD with a 15% growth rate. A recent consultancy report estimates that the current vended market spend may be 10 times under penetrated and thus the addressable market may be between 1.5 and 2 trillion USD.”

“No matter how you look at it, we cannot capture or service even a small percentage of that addressable market currently as individual entities. By working together as an industry sector we have a massive opportunity to capture a greater share of this market from Ireland, through Cyber Ireland,” Larkin added.

Eoin Byrne, Cluster Manager Cyber Ireland, said, “We have established the cyber security cluster as the representative body and coordinator of industry in Ireland, and are now recognised in Europe with our Cluster Management Excellence Award. We have quantified for the first time the size, scale and contribution that the cyber security sector makes to Ireland inc. and its potential for growth.

We now need to take Cyber Ireland, and the cyber security sector, to the next level by working with the wider ecosystem across industry, government, academia, training providers, research, investors and industry associations to drive business growth and position Ireland as a global leader,” Byrne said.

The opportunity now exists for Ireland to capitalise on its cyber security strengths and competitive advantages to develop a leading cyber security sector in Europe, and globally, providing resilience domestically and competing internationally. Cyber Ireland aims to be the driving force to deliver on Ireland’s cyber potential through the implementation of its new cluster strategy 2024 – 2027. The new strategy has four Focus Areas across Building the Community, Driving Business Growth, Developing the Workforce, and Advocacy and Promotion.

The cluster has recently been accredited with the European Cluster Excellence Initiative (ECEI) Bronze Label for “Striving for Cluster Excellence” by improving its management capabilities and performance levels. Cyber Ireland joins over 1,000 cluster organisations from 45 countries that have been benchmarked and received the award. The recognition will create additional opportunities for the cluster to promote the sector and engage with European organisations and clusters, and secure European funding.

Bank of Ireland relaunches FDI Landing Space

Bank of Ireland has relaunched its Foreign Direct Investment (FDI)  Landing Space in Stephen’s Green, following refurbishment during the pandemic. The FDI Landing Space provides companies arriving into Ireland with co-working office space, meeting rooms and event space above the Stephens Green branch in Dublin city centre.

Bank of Ireland’s FDI team has supported over 600 international companies to set up in the Irish market over the past decade. The FDI Landing Space provides hot desks, meeting rooms and boardrooms, with companies from the US, UK, EU, China, Australia, Japan and Canada availing of the space in the past.

Speaking at the launch, Kevin Elliott, Head of Global FDI, Bank of Ireland said: “Today’s announcement further strengthens our support for international companies basing themselves in Ireland. As the leading bank in Ireland for international companies, Bank of Ireland is delighted to provide our FDI Landing Space to support companies who may be considering Ireland as a base or starting to develop operations here. It has been fantastic to see FDI companies who have directly benefited from our Stephen’s Green facility going from strength to strength and announcing significant growth plans within the Irish market over the years. Following refurbishment of the space, we are now reopening again and we look forward to supporting a new crop of international companies into the future.”

 Founded in 2011, Bluecrux is a value chain consulting and technology company which has used Bank of Ireland’s FDI Landing Space in the past. Aaron O’Brien, Managing Director UK & Ireland,  Bluecrux said: “Bank of Ireland’s FDI Landing Space in Stephen’s Green has been a great asset that helped us develop our business in Ireland. I am pleased to say that Bluecrux has expanded and we currently have a team of 14 in Ireland joining our 265 global colleagues helping us grow our business. Our plans are to grow our headcount in Ireland to 50 by 2025.  We appreciate the help and support from Bank of Ireland and I would encourage any company looking to base themselves in Ireland to utilise the FDI space as you start to establish your business here.”

Bank of Ireland’s dedicated FDI team provides access to a full service offering for international companies, including electronic banking, payments, foreign exchange and treasury facilities, private wealth management and employee benefits solutions.