IDA Ireland has reported continued foreign direct investment in 2020 despite the disruption to business caused by the Covid-19 pandemic.

At the same time, the agency released details of its new strategy Driving Recovery and Sustainable Growth, which will run up to the end of 2024.

In 2020, 246 new investments were announced and 20,100 new jobs created. Job losses across IDA clients amounted to 11,200, the agency estimates, for a net gain of 8,900 compared with a net employment change of 13,900 in 2019.

Taxpayer funding for the agency amounted to €219m through 2020, with €63m accounted for by agency costs and €156m in grant aid and other capital expenditure.

Substantial state aids paid by IDA Ireland have to be notified to the EU Commission. Publication of the information is typically five to six months after the grant was effected. Through 2020, most published grant information related to state aid sanctioned in 2019. According to this data source, the ten largest recipients of taxpayer funding were:

In Association with

Stryker €46m
Boston Scientific €14.9m
Optum Services €10.6m
Connaught Electronics €6.3m
Hollister €4.0m
Medtronic Vascular €3.6m
Zoetis €3.2m
Rent The Runway  €3.6m
Norton €3.0m
Forcepoint €2.6m

Of the 246 investments, 95 were from new investors and 151 from existing companies.  Total employment in IDA Ireland client companies in Ireland is now estimated at 257,400.

As part of its new four-year strategy, IDA Ireland plans to partner with clients for future growth through 170 RD&I and 130 training investments, to embrace the opportunities of a green recovery with 60 sustainability investments, and to target a 20% increase in client expenditure in Ireland to maximise the effect of FDI.

Chief executive Martin Shanahan (pictured) said: “IDA Ireland’s ambition is to capitalise on opportunities to provide multinational companies with solutions to the challenges they face in this difficult global environment and in the face of accelerating emerging trends that will reshape business models, such as remote working and technology adoption.  

“We will partner with existing clients to safeguard and enhance their mandates in Ireland, while also attracting the next generation of leading-edge MNCs in our core sectors. IDA Ireland has placed sustainable growth at the centre of our strategy, in line with government policy, international consensus, the vision of our clients, and the demands of citizens. 

The IDA's targets out to 2014 are:

• Win 800 investments, with the aim of having half of these go to regions
• Support client job creation of 50,000
• Drive market diversification

Chairman Frank Ryan added: “The need to focus on sustainability, supporting our client base to innovate and transform in order not just to remain viable, but to develop and grow, has never been more important. It is why we have made sustainability, innovation and transformation an integral part of our new strategy.”

Full details of the new strategy and the 2020 results are available here.