New IDA plan will have 'real economic impact' - Troy
The new IDA Ireland strategy “will drive a recovery that is transformative, sustainable and achieves real economic impact”, a local minister has said today.
Minister of State for Trade Promotion, Digital and Company Regulation, Robert Troy TD, was speaking as he welcomed the launch of IDA Ireland’s new strategy, ‘Driving Recovery and Sustainable Growth 2021-2024’.
He said: “Foreign direct investment plays a central role in Ireland’s open economy and there is no doubt that IDA Ireland’s new strategy will be fundamental to supporting our economy during these unprecedented and challenging times.
“Moreover, the strategy will drive a recovery that is transformative, sustainable and achieves real economic impact.
“I am pleased to see IDA Ireland’s enhanced focus on the regions to advance development, maintain high levels of investment and continue creation of valuable employment opportunities around the country.
“In particular, I welcome the commitment given to construct an advanced building on the IDA land at Marlinstown, Mullingar. Projects such as this greatly enhance our ability to attract business to our regional towns across the country.
“This government has made regional development a priority and I look forward to seeing this produce real results for the country.”
IDA Ireland, says that, while recognising the impact and ongoing effect of the Covid-19 pandemic and of Brexit, it aims to win a total of 800 investments and create 50,000 jobs over the period 2021-2024.
Its statement continued:
The strategy, which is aligned with the government’s forthcoming National Economic Plan, is based on five pillars – Growth, Transformation, Regions and Sustainability and Impact.
The ambition of the strategy is to deliver substantial job creation and drive economic activity, targeting a 20% increase in client expenditure to maximise the impact of foreign direct investment (FDI).
Supporting the Climate Action Plan, the strategy also aims to win 60 sustainability investments over the period to 2024 and will support future growth through 170 research, development and innovation and 130 training investments, enabling a transformative recovery focused on sustainability and inclusiveness.
At the centre of IDA’s new strategy is regional development, and 400 investments – half of all new investments – are targeted at regional locations.
The strategy will drive recovery and support development in each region, partner with clients to facilitate innovation and upskilling, develop clusters, work with clients to enable remote working opportunities and continue the role out of the agency’s regional property programme.
To achieve this, the strategy has set out delivery goals and target investments for each region.
Twenty five investments will be targeted specifically for the midlands between 2021 and 2024. Advanced Building Solutions will be delivered in Athlone, Longford and Mullingar over the lifetime of the strategy, along with plans for an Advanced Technology Building in Tullamore and upgrade works at the IDA Parks in Athlone, Mullingar and Tullamore.